Glory Ltd. of Japan has offered to buy Talaris, a maker of cash handling and ATM equipment, from the Carlyle Group for £650 million ($1 billion). The deal will allow Carlyle to exit one of its more successful private equity investments in recent years, said a news article in the New York Times.
Carlyle created Talaris in 2008 when it bought the cash systems unit of De La Rue for about $566 million. Based in Basingstoke, England, De La Rue was one of the first companies to sell the automated cash dispensers used in banks.
Carlyle focused on expanding Talaris’s footprint around the world, and it now has offices in 20 countries and 1,900 employees. According to a statement from Carlyle, Talaris earnings have increased by more than 40 percent since the buyout.
Based in Himeji, Japan, Glory manufactures money handling machines, cash management systems, vending machines and automatic service equipment. The company earned 3.6 billion yen ($46 million) in Q4 of 2011, with $1.4 billion in net sales. The company has about 6,000 employees and operates in more than 80 countries.
“Carlyle’s sector expertise and global platform have been invaluable to the company and fundamental to the growth and success we have enjoyed,” Talaris CEO Tim Robinson said in a statement. “We are excited about the potential partnership with Glory, which we believe will enhance our combined offerings, underscoring our continued commitment to delivering excellence in customer service.”
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