Cardtronics Establishes Canadian Operations With Acquisition of Mr. Cash
November 03 2011 - 4:35PM
- Mr. Cash provides Cardtronics an established base of operations
and infrastructure in Canada
- Growth plan calls for extending Cardtronics' U.S. ATM
deployment model north of the border
Cardtronics, Inc. (Nasdaq:CATM) today announced that its
wholly-owned subsidiary, Cardtronics Canada, Ltd. has acquired Mr.
Cash ATM Network, Inc. With its acquisition of Mr. Cash — a
privately-held company headquartered in Lethbridge, Alberta and
founded in 2005 — Cardtronics has expanded its international
presence into Canada. Financial terms of the acquisition were not
disclosed.
From an immediacy standpoint, Mr. Cash delivers to Cardtronics
an established ATM deployer presence in the Canadian landscape and
a successful track record selling into the local merchant
marketplace. By the numbers, Cardtronics enters Canada with
hundreds of existing merchant relationships, the
ownership/operation of nearly 600 ATMs across the country, plus an
established sales channel partner network focused on the Canadian
marketplace.
Taking a longer view, acquiring Mr. Cash's operations provides
Cardtronics — an established international ATM service provider
with extensive operations in the United States, United Kingdom,
Caribbean and Mexico — an enhanced global presence to better serve
the ATM needs of multi-national chain retailers and financial
institutions.
"Acquiring Mr. Cash and simultaneously crossing the border north
into Canada is the definition of common sense expansion and writes
the next chapter of Cardtronics' international story," said Steve
Rathgaber, chief executive officer, Cardtronics. "In Canada,
Cardtronics gains a new market that is nearby and home to many
well-known merchants and financial institutions operating on both
sides of the border."
In addition to driving accelerated growth from Mr. Cash's legacy
operations with an enhanced ability to fund new business
opportunities, Cardtronics plans to bring its community-based
business model to Canada. Complementing Mr. Cash's roster of
existing merchant relationships, Cardtronics will also look to
place Cardtronics-owned and -operated cash machines in Canada's
most relevant retailers, thereby creating high-visibility ATM
branding opportunities for financial institutions.
"Backed by the local experience of Mr. Cash's management team,
Cardtronics is executing an entrance into Canada that is both time-
and cost-efficient," said Mike Clinard, president, Global Services,
Cardtronics. "Mr. Cash carries the potential of being a launching
pad to organic growth by Cardtronics in Canada. Given the many
marketplace similarities and proximity between the United States
and Canada, we anticipate Cardtronics' business model will
translate well across the border, with operational synergies
expected."
Transaction Details
Cardtronics signed and closed this transaction on Oct. 28.
Financial terms of the acquisition are not material to Cardtronics
and have not been disclosed.
About Mr. Cash
Helping Canadian merchants offer their customers convenient cash
access since 2005, Mr. Cash offers a variety of ATM programs
including: Turnkey, Partner and Merchant Ownership. Understanding
that every business is unique, Mr. Cash works closely with its
customers to ensure our ATM solutions are, too. Mr. Cash is
privately-held and based in Lethbridge, Alberta.
About
Cardtronics (Nasdaq:CATM)
Making ATM cash access convenient where people shop, work and
live their lives, Cardtronics is at the convergence of retailers,
financial institutions, prepaid card programs and the customers
they share. Cardtronics owns/operates more than 41,900 retail ATMs
in U.S. and international locales. Whether Cardtronics is driving
foot traffic for America's most relevant retailers, enhancing ATM
brand presence for card issuers or expanding card holders'
surcharge-free cash access on the local, national or global scene,
Cardtronics is convenient access to cash, when and where consumers
need it. Cardtronics is where cash meets commerce.
The Cardtronics logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=991
Cardtronics, Allpoint and Access to Money are
registered trademarks of Cardtronics, Inc.
All other trademarks are the property of their
respective owners.
CONTACT: Cardtronics - Media
Nick Pappathopoulos
Director - Public Relations
832-308-4396
npappathopoulos@cardtronics.com
Cardtronics - Investors
Chris Brewster
Chief Financial Officer
832-308-4128
cbrewster@cardtronics.com
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