HOUSTON, May 18, 2005 (PRIMEZONE) -- Cardtronics, Inc. ("Cardtronics") announced today that it acquired Bank Machine Ltd, ("Bank Machine") a Hatfield, Hertfordshire, England based ATM deployer, from European private equity firm Bridgepoint Capital Limited ("Bridgepoint"). The expansion into the growing international ATM market adds approximately 1,000 high volume, state-of-the-art ATMs to the Cardtronics portfolio, bringing the total to over 26,000, of which 10,000 are owned and 16,000 are managed.
Bank Machine, a full-service ATM provider, will be operated as a wholly-owned subsidiary of Cardtronics, retaining its current management and staff of 50 employees. The Bank Machine ATMs are located throughout Great Britain in a variety of venues such as shopping centers, convenience stores, pubs and clubs, post offices and other off-premise locations. Some of Bank Machine's blue-chip merchant-clients include such prominent names as McDonalds, Spar, Mitchell's and Butlers, the Post Office, Tesco, RoadChef and Odeon Cinemas.
In making the announcement, Cardtronics President and CEO Jack Antonini said, "We are pleased to add a fine company like Bank Machine to our organization. They have a strong, profitable track record with excellent growth prospects and are run by a very experienced and capable management team. Their operating principles of providing great value supported by world-class service are the foundation of their success and align well with our business philosophy." Antonini added, "Our entry into the European market marks a new phase of our growth and expansion. We plan to take advantage of opportunities to reach under-penetrated markets worldwide where we can leverage the significant economies of scale, operating expertise and superior customer service capabilities we have developed."
Bank Machine's CEO Ron Delnevo, in commenting on the alliance with Cardtronics said, "We are excited about our future with Cardtronics. Being part of an industry-leading organization will bolster our ability to expand and develop new business in our estate and beyond.
Leveraging Cardtronics' economies of scale will help us become an even more profitable, significant force in the ATM deployment business throughout the U.K."
Bridgepoint, a private equity capital firm, owned 73% of BML after a management buyout of the U.K. ATM operations of Euronet Worldwide in January 2003. According to Ruth McIntosh, Bridgepoint Director, the sale of Bank Machine was prompted by the desire to maximize investment return resulting from the growth and success of Bank Machine. "We felt the timing was right and we recognized a strong business synergy between Cardtronics and Bank Machine. The value of our investment rose due to the expertise of the management team lead by Ron Delnevo and the strategies employed to foster growth and profitability."
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About Cardtronics
Headquartered in Houston, Texas, Cardtronics is the world's largest owner/operator of ATMs with a network of more than 26,000 locations operating in every major U.S. market and in all 50 states. U.S. merchant-clients include A&P, Albertsons, Amerada Hess, Barnes & Noble College Bookstores, BP Amoco, Chevron, ConocoPhillips, Costco, CVS/pharmacy, ExxonMobil, Duane Reade, Rite Aid, SSP/Circle K, Sunoco, Target, Walgreens, and Winn-Dixie Stores. For more information about Cardtronics, visit www.cardtronics.com.
Cardtronics' two largest shareholders are TA Associates, a Boston-based private equity and buyout firm that manages over $6 billion in capital and CapStreet Group, a private equity firm in Houston, TX with over $400 million of investment funds under management. For more information on these leading private equity firms, visit their websites at www.ta.com or www.capstreet.com, respectively.
Advisors: Credit Suisse First Boston, Allen & Overy, Vinson & Elkins and KPMG
About Bank Machine
Based in Hatfield, Hertfordshire, Bank Machine is the leading independent ATM operator in the U.K. Bank Machine has over 1,000 state-of-the-art ATMs in a variety of locations including forecourts, convenience stores, shopping centers and cinemas to name a few. The company is managed by Ron Delnevo, who has been at the helm for four (4) years, and employs approximately 50 staff. For more information about Bank Machine visit www.bankmachine.com.
Advisors: Close Brothers Corporate Finance, S.J. Berwin and Deloitte & Touche
About Bridgepoint
Bridgepoint is a pan-European private equity firm focusing on middle market transactions valued up to 500 million euros. It has completed over 150 buyouts in the last ten years.
For more information about Bridgepoint visit www.bridgepoint-capital.com.