Activist investor Starboard Value LP said Monday it has increased its stake in Brink's Co. to 12.4% in a move to provoke change at the security company.

As of July 28, Starboard was the company's biggest shareholder with an 8.9% stake.

In a letter to Brink's board, Starboard said the company could turnaround what it deemed perennially poor performance by exploring "a strategic combination with another global cash logistics company."

Starboard mentioned in the letter that several rivals, such as Loomis AB, Dunbar Armored Inc., Prosegur Compania de Seguridad SA, and G4S PLC have improved technology and logistics while reducing costs, helping to improve their profitability and customer service.

Starboard also said Brink's could improve results by installing a "more incentive-based compensation structure for branch- and field-level employees, and a focus on eliminating the costs that do not drive value for customers, such as corporate aircraft and multiple U.S. headquarters."

Starboard has a history of pressing companies to cut costs and focus on operating efficiently.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com and Lisa Beilfuss at lisa.beilfuss@wsj.com

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(END) Dow Jones Newswires

October 05, 2015 09:45 ET (13:45 GMT)

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