10.7.1.1Vertical

Armored Car Services

Companies transporting cash and valuables for financial institutions.

Market snapshot

These figures describe Armored & Secure Transport (10.7.1), the segment that Armored Car Services sits within — not Armored Car Services on its own.

Market size
~$4B
Growth
~3.0%CAGR (2017–22, nominal)
Companies
~770
FragmentationConsolidatedEstimate

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 561613 (armored car services).

Business model & economics

Revenue model

Armored-transport routes and cash-management services

Key economics

Recurring revenue
High

recurring route and cash-management contracts

EBITDA margin
Route-density-driven
Capex intensity
Moderate

Characteristics

  • Oligopoly (Brink's, Loomis, GardaWorld).
  • Secular cash-use decline a structural headwind.
  • Shift to cash-management technology and services.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Armored-transport majors
  • Cash-management technology providers
  • PE-backed platforms

What’s driving deals

  • Cash-management-technology expansion.
  • Route-density consolidation.
  • Cash-to-digital structural shift.

Find Armored Car Services acquisition targets

Search Acquisera’s index for companies classified under Armored Car Services (10.7.1.1) and build a targeted deal pipeline.

Search companies