Cardtronics (NASDAQ: CATM) today announced that its wholly-owned subsidiary, Cardtronics Canada, Ltd., has acquired Can-Do-Cash, Ltd., a privately held ATM services company headquartered in Ottawa and founded in 2000.
Expanding the overall Cardtronics Canada ATM portfolio by 800 cash machines, Can-Do-Cash delivers accelerated growth primarily in Ontario and Quebec.
The Can-Do-Cash acquisition grows the total Cardtronics Canada fleet to 1,840 ATMs, a sizeable jump from the 600 ATM portfolio Cardtronics acquired in late 2011 with its purchase of Mr. Cash. Whereas Mr. Cash had its strongest presence in western Canada, Can-Do-Cash delivers an established merchant client base—including Ontario's well-known Pioneer Energy gasoline/convenience stores—in eastern population centers including Ottawa, Toronto, Montreal and Quebec City.
The founders and co-owners of Can-Do-Cash, Joseph Arrage and Tarick Karkache, will both join Cardtronics Canada, serving as vice president of Business Development and vice president of Operations, respectively.
"The acquisition of Can-Do-Cash fits well with our cost-efficient growth strategy for Canada, and gives Cardtronics a more geographically balanced presence and service network in Canada," said Steve Rathgaber, chief executive officer, Cardtronics. "Can-Do-Cash brings to Cardtronics Canada hundreds of new merchant relationships, a strong 'after-sales' service approach and a nearly flawless client retention rate since the company launched in 2000."