Rutland Partners, an investment firm specializing in turnaround and restructuring, and Corsair Capital, a private equity firm focused on investing in the global financial services industry, have announced the sale of U.K.-based IAD NoteMachine to funds managed by Corsair Capital and NoteMachine management, who retain a significant shareholding in the company.
NoteMachine was founded in 2006 and operates approximately 7,000 ATMs in the United Kingdom, as well as 500 in Germany. The company holds a 7 percent share of cash withdrawals in the U.K.; its ATMs dispense £5 billion ($7.9 billion) every year.
"The NoteMachine business … has grown from 2,000 ATMs to become a market leader with over 7,000 ATMs and is the only vertically integrated operator in the United Kingdom market with a growing presence in Germany," said Rutland Managing Partner Paul Cartwright. "This transaction represents a cash return of approximately 1.3 times Rutland's investment. We are confident NoteMachine moves forward with highly experienced owners in Corsair and the NoteMachine management team. We wish the business every success for the future."
Peter McNamara, founder and CEO of NoteMachine, said, "[A]s a financial services specialist investor, Corsair has the ambition and expertise to support the long-term growth of our business … With Corsair's partnership, we believe that NoteMachine is well positioned to capitalize on its market leading position in the United Kingdom and building on its successful presence in Germany."
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