News

Private equity firm acquires PAI, installs ATM industry vet as CEO

March 4, 2019

Further Global Capital Management, a private equity firm focused on the financial services industry, has announced the completion on Jan. 31 of its acquisition of Payment Alliance International, the nation's largest privately-held ATM provider with more than 75,000 ATMs. Terms of the transaction were not disclosed.

A press release from the company said that, effective March 1, David Dove joined PAI as CEO. Dove previously served as president of the Cardtronics North American Business Group and brings more than 30 years of industry experience to PAI. 

Additionally, Jeffery Keith has joined PAI as executive vice president of national retail and operations, and Alan Watson has joined the company as chief financial officer. respectively. Keith and Watson previously served in management roles in the Cardtronics North American Business Group. 

Neil Clark will remain at PAI as head of the market partner line of business.

"We are excited to partner with PAI, a leader in the nonbank ATM market, whose differentiated technology enables clients to efficiently manage their ATM fleets," Olivier Sarkozy, managing partner at Further Global, said in the announcement. "We look forward to working with David and the entire PAI team to help drive their success."

"PAI is a great franchise," Dove said. "We look forward to working with PAI's talented associates to continue to grow the company and serve the customer base with its leading-edge technology."

Further Global was advised by BMO Capital Markets as financial advisor and Dechert LLP as legal counsel. Raymond James & Associates Inc. served as financial advisor and Kirkland & Ellis LLP served as legal counsel to PAI.