April 03, 1998|By Shanon D. Murray | Shanon D. Murray,SUN STAFF
Dunbar Armored, the nation's largest independent armored - transportation company, said yesterday that it has acquired a New York armored carrier for an undisclosed sum in a move that would significantly expand its market presence in the area.
The $130 million, privately held, Hunt Valley-based security company employs 3,000 people and has more than 65 branches in the United States. Its acquisition, VETS Armored Car Inc., has 150 employees and operates more than 40 armored trucks, mostly in the New York City area.
VETS conducted about $10 million in business last year, said James L. Dunbar Sr., chairman and chief executive of Dunbar Armored.
"This acquisition makes us a solid competitor in the New York metropolitan area," Dunbar said. "We covered New York from our New Jersey branch. Now we can cover all five boroughs."
"Before, we were just there, now we're a major player," he said.
Acquiring VETS also gives Dunbar Armored an air courier facility at John F. Kennedy International Airport for international air shipments, Dunbar said.
Dunbar Armored has acquired 18 companies in the past 19 years.
It is the cornerstone of Dunbar Cos., which is the parent company of five other related security businesses. The businesses operate from the Hunt Valley headquarters, where the company relocated last year after 43 years in Baltimore.
The five other Dunbar businesses are:
Dunbar Armored Air, a provider of overnight air shipment of time-sensitive items.
Dunbar Cash Vault Services, a provider of commercial cash transfer and management services.
Dunbar Guard Services, a uniformed guard and investigative service company.
Dunbar Security Systems, a security-alarm service.
Dunbar BankPak, a supplier of heat-sealed, tamper-resistant security containers.
Pub Date: 4/03/98
