News

UK ATM operator NoteMachine to change hands again

Three years after acquiring the IAD, PE firm Corsair Capital is looking to sell the network for approximately 300 million pounds ($462 million).

October 21, 2015

Three years after acquiring NoteMachine Group Holdings from Rutland Partners, Corsair Capital is looking to sell the network for approximately 300 million pounds ($462 million).

Founded in 2006 by the CEO Peter McNamara, NoteMachine owns, operates, and provides a full-range of maintenance services for more than 8,000 ATMs in the U.K. and Germany.

The company also operates Eurochange Ltd., an independent provider of foreign exchange services, which NoteMachine acquired in 2014.

According to Sky News, one prospective buyer for the network is U.S.-based private investment firm Centerbridge Partners. Corsair and Centerbridge both belong to a consortium of firms that agreed to acquire approximately 300 Royal Bank of Scotland branches following a government bailout of the bank two years ago.

Centerbridge is not the only bidder for NoteMachine, however. Sky News reported that private equity group BC Partners also is in the bidding mix. Offers were due on Wednesday, the report said.

Corsair did not disclose how much it paid Rutland Partners for NoteMachine in 2012, however, Rutland was said to have reaped 1.3 times its initial investment in the deal.

An individual with inside knowledge about the current bidding process for NoteMachine told Sky News that Corsair likewise stood to make "a handsome return" on the sale of the company.