Cardtronics, the largest independent ATM operator in the US, has secured $75 million in financing from private equity and buyout firm TA Associates.
Founded in 1989, Texas-based Cardtronics has a nationwide network of approximately 25,000 ATMs, situated principally in retail locations and at petrol stations. In 2004, the network dispensed over $6.5 billion in cash and processed more than 111 million transactions.
Michael Wilson and Roger Kafker, managing directors at TA Associates, will join the Cardtronic's board.
Says Wilson: "The Cardtronics management team has executed an impressive organic growth and acquisition strategy in order to emerge as the market leader in the ATM industry. With high quality locations under long-term contracts, we believe that they are well positioned to continue their success."
TA joins Capstreet as a private equity investor in the Cardtronics business.