NoteMachine buys TRM's European ATM business for £47.1m

NoteMachine buys TRM's European ATM business for £47.1m

US ATM deployer TRM Corporation has sold its European subsidiary, which owns and operates cash machine networks in Britain and Germany, to UK-based NoteMachine for £47.1 million ($92.6 million).

NoteMachine was set up last year by Rutland Partners, the private equity fund that acquired UK independent ATM operator Scott Tod. The business is run by the former chief executive of Moneybox Peter McNamara.

TRM says net proceeds from the sale will be used to repay debt under the company's secured credit facilities.

Jeff Brotman, TRM president and CEO, says: "The sale of our European ATM business is a component of our ongoing efforts to simplify our business operations."

Earlier this month the Portland, Oregon-based company sold its Canadian ATM business to EZEE ATM, Canada's second largest operator of non-financial institution cash machines, for $14.75 million.

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