Cardtronics Inc. (CATM), the world’s largest retail ATM owner/operator, announced that it has signed an agreement to sell the retail portion of its UK cash-in-transit operation.
The retail arm of Cardtronics U.K.’s cash-in-transit business, which provides cash pickup and delivery services for retail stores, will be divested to Loomis, an international leader in the cash handling services industry. Cardtronics UK will continue to provide cash replenishment and maintenance services for both its owned and third-party ATM estates. The deal to divest the retail cash-in-transit business is expected to close on 1 July. Purchase consideration is approximately £18m.
In November 2014, Cardtronics acquired Sunwin Services Group, which consisted of a manned guarding business, a cash-in-transit operation serving retailers, a cash-in-transit operation serving ATMs, and an ATM maintenance operation. As previously announced, the manned guarding business was sold in February 2015 to Kingdom, a leading provider of manned guarding services in the UK. In the transaction announced this week, the retail cash pickup and delivery business is being sold to Loomis. Cardtronics will retain the ATM cash-in-transit operation and the ATM maintenance operation, which support its core ATM operations in the UK.
“This divestiture allows Cardtronics to continue to strengthen the efficiency of our UK operations and focus on our core ATM customers. Loomis is widely acknowledged as an industry specialist with a long history of managing cash for the retail industry, and we expect that our retail customers will benefit from the specialized services that Loomis offers,” said Jonathan Simpson-Dent, managing director, Cardtronics Europe.
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