Welch ATM today announced the acquisition of the ATM portfolio of privately held Thillens, Inc., a secure transportation, cash logistics and ATM services company based in Chicago, IL.
Thillens specializes in cagistics (cash + logistics) and is the largest independent armored car service provider in the Midwest.
The ATMs purchased by Welch are part of Thillen's financial institution sponsorship program entailing partnerships with credit unions and select employee group locations. Over seventy percent of the acquired ATMs are placed in Chicago, Illinois and align well with Welch's strategic plans for this important geographic population center. Thillens will continue to provide cash delivery solutions after the transaction close. They will also play a key role in growing the Chicago ATM business post-closing.
"Thillens has built a highly desirable niche ATM business over the years," said Brad Cummins, president of Welch ATM. "The Thillens team is expert in armored transport and will be continuing to handle that aspect of the business. We welcome the expanded relationship and look forward to their continued engagement in the business as we look to grow this very important market."
"Since 1932, Thilens has been meeting the needs of financial institutions in the Chicagoland market and our family is very excited about this opportunity," said Tommy Finnegan, vice president armored division for Thillens. "It affords us the ability to expand our service footprint to new markets without any capital concerns. We look forward to our continued mutually beneficial relationship with Welch ATM."
The acquisition closed last month. Service at operating Thillens, Inc. ATM locations will continue uninterrupted during the transition.