Melbourne, Australia-based GRG International announced Thursday that it will acquire Triton, a U.S. manufacturer of off-premises ATMs and ATM management software. GRG will pay $A25 million for Triton ($25.6 million).
GRG International anticipates that the integration of Triton will boost the company's annual revenue by more than $A55 million ($56.3 million), annual profit by $A6.3 million ($6.4 million) and its assets by more than $A25 million ($25.6 million), said an article by Nine MSN.
"The acquisition is a major expansion boost for GRG International into western markets," GRG chairman and chief executive Jeff Barrow said in a statement. GRG International currently operates in Australia, Canada, India, Ireland, South Africa, the U.K., and the U.S. The company is listed on the Australian stock exchange.
"Triton's long-term success in the design, manufacture and supply of retail ATM units will complement our existing GRG Banking products and offer a wider solution to retail and financial institutions," Barrow said. "It will also greatly strengthen our presence and product offering in India."
The GRG International website offers a description of the company's origins and operations:
GRG International was initially established as a partnership with GRG Banking of Guangzhou, the largest ATM manufacturer in China. GRG International was founded to distribute GRG Banking products in English-speaking markets.
The company uses GRG Banking’s resources to design, develop, manufacture and sell ATMs, ATM management software and spare parts without the associated overheads. GRG International sells a range of other GRG Banking products such as Recyclers, Teller Cash Dispenser, Automatic Depository and Kiosk products. GRG International has exclusive rights to distribute GRG ATMs in the US, Canada, Australia, United Kingdom and Ireland, and non exclusive rights to the Mexican, South African and Indian markets.
According to The Australian, Triton is three times the size of GRG International and has more than 200,000 installations in more than 24 countries. The Australian report said that Triton wasn't being shopped around for a buyer — GRG simply asked the company's private-equity owners if they were interested in selling.
According to Nine MSN, GRG has arranged 100 percent debt funding for the transaction through an Asian private equity fund. The sale is expected to close within 60 days. GRG International shares closed up one cent on Thursday, at 7.5 cents (7.7 cents).
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