STRATEGIC PARTNERS
June 7, 2016
Sterling Bank Services has acquired Bankers Exchange, an Atlanta, Georgia, retail and ATM parts business. Missoula, Montana-based Sterling is part of the Cennox Group, a banking equipment and service provider in the U.K.
According to a press release, the purchase will further develop the group's commercial portfolio in the United States. Besides facilities in Montana and now Georgia, Cennox operates a third U.S. office in California.
"Bankers Exchange are an exciting parts business, one which shares many of the characteristics and synergies we look to when considering forming a partnership or an acquisition," said Cennox CEO Clive Nation. "Bringing in-house their skills and enthusiasm for parts-selling and developing their inventory will certainly lead to an attractive upscaling opportunity that the whole group will benefit from."
Boston-based Tremont Capital Group advised Bankers Exchange and its owner Banyan Investment Partners, and helped facilitate the deal.
"This transaction was a great fit for both the buyer and the seller," said Tremont CEO Sam M. Ditzion. "This deal makes good strategic sense for all parties, and I expect to see continued consolidation of the ATM parts and services industry."
Bankers Exchange will continue to operate under its existing name, but as a Sterling Bank Services company within the wider Cennox Group.
