Cardtronics buys Bank Machine

Cardtronics buys Bank Machine

US-based Cardtronics has acquired UK independent cash machine operator Bank Machine from European private equity firm Bridgepoint Capital for an undisclosed sum.

Bridgepoint owned 73% of Bank Machine after a management buyout of the UK ATM operations of Euronet Worldwide in January 2003.

Although financial terms of the transactions were not disclosed, Bank Machine is rumoured to be worth about £50m. According to press reports Bridgepoint has sold its entire stake, while the firm's CEO Ron Delnevo is thought to have received cash and shares to the value of £5m for his 10% stake.

Bank Machine currently operates 1000 fee-charging ATMs located throughout the UK in venues such as shopping centres, convenience stores, pubs, clubs and post offices.

Cardtronics says the deal makes it the largest ATM operator in the world, with 26,000 cash machines of which 10,000 are owned and 16,000 are managed. The acquisition marks its entry into the European market.

Following the acquisition, Bank Machine will become a wholly-owned subsidiary of Cardtronics and will retain its current 50 employees.

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