American ATM operator Cardtronics has strengthened its position in the UK and entered the German market through the acquisition of Cardpoint for around £100 million in cash.
Cardpoint - previously owned by Payzone Ventures - has a UK ATM estate of 7100 machines under the Cashzone brand, and another 800 machines in Germany. It generated $101 million in revenues in the 12 months to June.
Cardtronics will combine the business with Bank Machine, which it acquired in 2005 and runs a network of 4300 ATMs, to create a unit called Cardtronics Europe. Cardpoint CEO Jonathan Simpson-Dent will become managing director of Cardtronics Europe, with Andreas Raabe continuing to lead the German business.
Steve Rathgaber, CEO, Cardtronics, says: "In the UK, in Germany - this combination of the Cashzone, Cardpoint and Bank Machine ATM portfolios creates scale, synergies and geographic coverage on a level much quicker than its constituent parts could have achieved alone."