Pirates Prepare to Board Brink’s

RICHMOND, Va. – Venerable security firm Brink’s Inc., under siege by two investment firms, said yesterday it will study a proposal by Hedge Fund Pirate Capital for two seats on the company’s 11-member board. Pirate, the company’s largest shareholder, and MMI Investors, another large Brink’s holder, have called on the cash carrier and security systems provider to hire an investment bank to shop the company. Pirate, through one of its vehicles called Jolly Roger Fund LP, has accumulated an 8.5% stake in Brink’s, while MMI has accumulated about 8%. Brink’s said it will study Pirate’s nomination of its founder, Thomas Hudson, and general counsel, Christopher Kelly, to the Brink’s board and will include its own recommendation when it mails annual proxy materials to shareholders this spring. Boston-based Pirate manages about $1.7 billion in assets. Brink’s, which provides security services and cash transportation for thousands of credit unions, is the latest large credit union outsourcer under siege, following recent takeovers of Open Solutions, Digital Insight and John H. Harland Co.