Security company GardaWorld, whose Sylmar facility was burgled on Easter, has become a major player in cash logistics, an opaque — and growing — field.
The biggest cash heist in L.A. history didn't go down at a bank. It occurred at a warehouse in a quiet corner of Sylmar. Early on March 31, thieves breached the roof of a Roxford Street facility maintained by security services company GardaWorld and stole as much $30 million from the vault.
In the first eight months of 2022, it bought 10 more companies for about $1 billion. But cash is still at the heart of the company's business. And although the overall size of the U.S. cash economy is shrinking — from about 31% of transactions in 2016 to about 18% in 2022, according to the Federal Reserve Bank of San Francisco — it remains vital to many industries, said Brandon Parsons of Pepperdine Graziadio Business School.
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