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Triton sold to private investors

The retail ATM manufacturer, once owned by Dover Corp. and put on the selling block, is now privately held by a group of investors.

April 27, 2010 by Fritz Esker — Freelance Journalist, Networld Alliance

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ATM manufacturer Triton Systems of Delaware, now known as Triton Systems of Delaware LLC, was recently purchased from the Dover Corp. by a group of private investors for $7.5 million.
Triton Systems president and CEO Daryl Cornellsays the new owners have expressed confidence in their ability to continue to grow the company.
"The only real change is the end of the uncertainty surrounding Triton during the protracted sale process," Cornell said. "We believe that this sale was the best possible outcome for Triton, its customers, its employees and the community."
Bryan Bauer, president of Kahuna ATM Solutions of Bloomington, Ill., a company that wholesales and services Triton ATMs, is optimistic about the company's future. Since the ownership change will still leave Triton's key officers intact, he does not envision a bumpy transitional period.
"If the (company's) key individuals are going to be more empowered, then I see it as a good thing," Bauer said.
Triton will not seek another company to acquire it. After last year's failed acquisition by Nautilus Hyosung,Cornell says Triton's continued partnership with Dover had its advantages. But being a privately held will allow Triton to explore otherwise unavailable opportunities and partnerships.
The company will not seek a public offering, either, Cornell says. Such a move would allow Triton access to equity markets, but would be too cost prohibitive in the end.
"With over 180,000 ATMs deployed worldwide and the multibrand parts, repair and training support provided by ATMGurus in Memphis and ATM Solutions in the U.K., Triton is uniquely positioned to continue its track record of success in the global ATM market it helped to create," Cornell said.

UPDATE: Daryl Cornell, president and chief executive officer of Triton Systems, says the sale price for Triton was not $7.5 million. He declined to specify what the sale amount was, but he refuted a source's claim that the sale was for $7.5 million.

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