News

Cardtronics wraps up purchase of Welch ATM

The deal brings approximately 7,350 company-owned and 19,000 merchant-owned ATMs to Cardtronics, expanding the company's global portfolio to 111,150 units.

October 7, 2014

Cardtronics has announced the completion of its acquisition of Welch ATM, a retail ATM services company.

According to a Cardtronics press release, the combined company supports a global portfolio of 111,150 ATMs, including 93,350 retail units in the United States.

The acquisition brings together complementary customer bases and sales teams, positioning Cardtronics to accelerate revenue growth, achieve cost synergies and deliver greater profitability, the company said.

Welch ATM founder and CEO Jeff Hewitt has joined the Cardtronics leadership team as EVP of financial institution and retail sales and relationship management.

Cardtronics released a statement from CEO Steve Rathgaber on the conclusion of the sale:

Now that the transaction is completed, we’re looking forward to integrating the two companies and delivering greater value to our customers through an even broader portfolio of ATM services and solutions, and to our shareholders through new revenue generation opportunities, operational efficiency and diversification of our client base.

Cardtronics will host its third quarter earnings conference call on Oct. 29, and will provide updated guidance at that time for 2014, including the expected contribution from the Welch acquisition.

Combined company facts

• Welch brings approximately 7,350 company-owned ATMs and 19,000 merchant-owned ATMs to the Cardtronics U.S. platform, and is expected to generate approximately $70 million in revenues in 2015.
• The acquisition creates a combined Walgreens portfolio of 5,100 ATMs.
• Welch ATM adds 3,100 company-owned ATMs in Rite Aid-located ATMs to Cardtronics’ roster of premier retailer locations.
• The Welch acquisition also brings ISO and ATM service provider Kahuna ATM Solutions into the fold of Cardtronics-owned companies.