News

TRM buys ATM contracts in U.S., UK

April 4, 2004

PORTLAND, Ore. - TRM Corporation says it has completed the acquisition of two ATM networks in the United Kingdom and the United States.

In the UK, TRM purchased all outstanding shares of Inkas Financial Corp. Ltd., an independent ATM company with 450 sites comprised of both merchant-owned and full-placement programs. The undisclosed purchase price was paid in cash.

According to a news release, the addition of Inkas is expected to be accretive on an earnings per share basis and will increase the company's ATM estate in the UK  to 2,600 machines. It will also add $4.75 million dollars in estimated annual gross revenue, which represents approximately 20 percent of TRM's existing UK ATM business.

As a result of the acquisition, TRM will also receive one of six Triton ATM hardware distributorships in the United Kingdom.

In the U.S., TRM acquired 20 ATMs operating primarily in West Coast shopping centers from a privately-held ISO. The portfolio was purchased for cash and is also expected to be accretive on an earnings per share basis.

As a result of the acquisition, TRM assumed its first management contract for bank-owned ATMs.

Boston-based Tremont Capital Group, Inc., a firm that specializes in providing strategic planning and merger and acquisition advisory services to the ATM industry, advised the U.S. seller and helped facilitate the transaction.