The management team of YourCash Holdings Limited ("YourCash"), led by Chief Executive Jenny Campbell, has acquired 100% of the business through a refinancing which takes out existing non-management investors.
Funding for the transaction was provided by the management team and funds provided by Pricoa Capital Group , an institutional investment unit of Prudential Financial Inc.* (NYSE:PRU).
Headquartered in Milton Keynes, UK, YourCash is an independent ATM provider with c6,000 ATMs deployed throughout the UK, Netherlands and Belgium in a variety of locations including convenience stores, supermarkets, universities, casinos, hospitals, post offices, leisure outlets and petrol forecourts. In the Netherlands, YourCash installed their 800th ATM in December 2012 and currently manages 10percent of the overall in-country ATM market.
In 2012 YourCash handled over 73 million ATM transactions, equating to £2 billion cash dispensed through the UK estate and €1.2 billion in Europe. YourCash employs 85 staff and generates over £32 million in annual sales. The YourCash Free-To-Use model is the primary proposition, now making up over 50% of the UK ATM estate and over 80% of UK transactions. In Europe the ATM estate is entirely Free-to-Use.
YourCash has plans to expand its international proposition across further European countries, including the introduction of high speed ATM terminals, wireless technology, ATM innovation and branding licences, offering business partners a unique ATM service proposition for their customers, as well as ATM Services for Financial Institutions.
Pricoa has provided YourCash with a financing package combining senior and subordinated debt delivering funding for the management buy-out and group refinancing while also providing support for on-going investment and acquisition opportunities.
Jenny Campbell commented "I am delighted to have concluded the management buyout and refinancing. I have ambitious plans for the continued strategic development of the business and this transaction enables me and the senior management team to accelerate the pace of expansion, both organically and acquisitively, in driving forward our strategy in Europe. The growth of mobile payments technology presents opportunities for YourCash to join these initiatives with cash options for customers, thus preserving the option of payment choices for customers. I would like to thank our staff, customers and suppliers for their continued support and look forward to working with them going forward"
Donald Campbell (no relation to YourCash CEO), Senior Vice President of Pricoa Capital Group based in London commented "We are delighted to support the YourCash management team on their acquisition of the business. Throughout the process, they have demonstrated a high level of determination and professionalism in their marketplace. They have clearly defined plans for growing the business which they can fulfil by combining our financing with their market knowledge, relationships and expertise. This relationship-focused sponsorless structure typifies the deals that Pricoa Capital Group supports in the UK mid-market."
The management team was advised by Deloitte and DLA Piper.
Darren Boocock, Corporate Finance partner at Deloitte said "I am delighted that the management team have the opportunity to realise their ambitions for the business. I look forward to working with them in future."