News

GCA sells majority interest for 2nd time in 2 months

May 19, 2004

LAS VEGAS - Global Cash Access, one of the world's largest ATM, check cashing, money transfer and other cash service companies for the casino industry, said a major interest in the company was sold for the second time in two months.

In March, First Data Corp. sold its controlling interest in Global Cash Access to M&C International. (See related story First Data sells majority interest in GCA)

According to a report in the Las Vegas Sun, M&C International on May 18 sold a portion of its interest to Tudor Ventures and Summit Partners, both private venture capital firms.

The $316 million investment is aimed at growing the company's business worldwide, executives said.

"GCA clearly meets all the criteria that Summit Partners looks for in a fast-growing company: a strong management team, solid financial performance and market leadership," said Walter G. Kortschak, a managing partner with Summit Partners.

Summit Partners Principal C.J. Fitzgerald would not disclose whether Summit is now the controlling owner of Global Cash Access and would only say that the company is co-owned by Summit, the firm's co-investors and M&C International.