HOUSTON, Texas - Cardtronics Inc. is now the largest ATM operator in the world, according to a news release announcing the company's acquisition of U.K.-based Bank Machine Ltd.
Bank Machine, a full-service ATM deployer in Hatfield, Hertfordshire, England, was purchased from European private equity firm Bridgepoint Capital Ltd. Bridgepoint owned 73 percent of Bank Machine after buying out the U.K. ATM operations of Euronet Worldwide in January 2003.
Ruth McIntosh, director of Bridgepoint, said the sale of Bank Machine was prompted by the company's desire to maximize investment return resulting from the growth and success of Bank Machine.
"We felt the timing was right and we recognized a strong business synergy between Cardtronics and Bank Machine," she said. "The value of our investment rose, due to the expertise of the management team led by Ron Delnevo and the strategies employed to foster growth and profitability."
Bank Machine will operate as a wholly owned subsidiary of Cardtronics, retaining its current management and 50 employees.
Cardtronics' expansion into the international ATM market adds approximately 1,000 ATMs to its portfolio, bringing its network to more than 26,000, of which 10,000 are owned and 16,000 are managed.
"We are pleased to add a fine company like Bank Machine to our organization," said Cardtronics president and chief executive Jack Antonini. "They have a strong, profitable track record with excellent growth prospects, and are run by a very experienced and capable management team.
"Our entry into the European market marks a new phase of our growth and expansion," he added. "We plan to take advantage of opportunities to reach under-penetrated markets worldwide, where we can leverage the significant economies of scale, operating expertise and superior customer service capabilities we have developed."
Bank Machine's CEO Ron Delnevo said the sale to Cardtronics will allow his company "to expand and develop new business in our estate and beyond," and "help us become an even more profitable, significant force in the ATM deployment business throughout the UK."
Bank Machine ATMs are located throughout Great Britain in a variety of venues, including shopping centers, convenience stores, pubs, club and post offices. Some of Bank Machine's blue-chip merchant-clients include McDonald's, Spar, Mitchell's and Butlers, the Post Office, Tesco, RoadChef and Odeon Cinemas.
