Cardtronics, Inc. Announces $75 Million Financing.HOUSTON -- Cardtronics, Inc., the nation's largest independent owner and operator of automatic teller machines (ATMs), announced today an investment of $75 million by TA Associates, a leading private equity and buyout firm. Founded in 1989, Cardtronics is a single-source provider of ATM solutions for major drugstore, retail and petroleum merchants. The company has a nationwide network of approximately 25,000 ATMs, and is one of the fastest growing ATM deployers in the U.S., with clients including A&P, Albertsons, Amerada Hess, Barnes & Noble College Bookstores, ChevronTexaco, Costco, CVS/pharmacy, Duane Reade Duane Reade is a chain of drugstores/convenience stores, primarily located in New York City. History Founded in 1960, the chain started with three stores, named after the location of the company's warehouse between Duane and Reade Streets on Broadway in lower Manhattan. , ExxonMobil, Kroger, Sunoco, Target and Walgreens. In 2004, Cardtronics dispensed over $6.5 billion in cash and processed more than 111 million transactions. Cardtronics provides turnkey ATM solutions as well as an array of electronic monetary transaction services designed to fit the needs of its clients, such as continuous monitoring of transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. and settlement, 24-hour customer service and technical support, comprehensive administrative and performance metrics Performance metrics are measures of an organizations activities and performance. Performance metrics should support a range of stakeholder needs from customers, shareholders to employees [1]. tools to ensure consistent and reliable ATM availability, armored car service management, and hardware and system maintenance through national vendor alliances. "We are pleased to make this investment in Cardtronics, the country's largest independent ATM network," said Michael Wilson Michael Wilson may refer to:
Jack Antonini, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cardtronics, commented, "This investment positions Cardtronics to achieve its future growth initiatives and we are thrilled to have TA Associates join The CapStreet Group as a private equity investor in our business. The wealth of business experiences and relationships made available to the company through its partnership with TA will be invaluable in the execution of our growth strategy. CapStreet has been a private equity investor in our business since 2001, and has contributed significantly to our ability to grow our revenues from $45 million in 2001 to $195 million in 2004." "Many major national retailers rely on Cardtronics to manage their locations' ATMs, while they focus on the needs of their customers," said Roger Kafker, a Managing Director at TA Associates, who also will join the company's Board of Directors. "Cardtronics' nationwide network creates growth opportunities such as bank branding of ATMs and a surcharge-free network." Goodwin Procter Goodwin Procter LLP is a law firm based in the United States, with a team of 750 attorneys serving clients through offices in Boston, Los Angeles, New York City, San Diego, San Francisco, Washington, D.C. and Palo Alto. LLP LLP - Lower Layer Protocol served as legal counsel for TA Associates. Vinson & Elkins provided legal counsel to Cardtronics. Cardtronics was advised by Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . About Cardtronics Headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , Cardtronics is the nation's largest independent owner/operator of ATMs with a nationwide network of approximately 25,000 locations operating in every major U.S. market and in all 50 states. Major merchant-clients include A&P, Albertsons, Amerada Hess, Barnes & Noble College Bookstores, Chevron, ConocoPhillips, Costco, CVS/pharmacy, Duane Reade, ExxonMobil, Rite Aid, SSP/Circle K, Sunoco, Target and Walgreens. For more information about Cardtronics, visit www.cardtronics.com. About TA Associates Founded in 1968, TA Associates is one of the largest and most experienced private equity and buyout firms. With offices in Boston, Menlo Park and London, the firm manages $6 billion in capital and has invested in more than 350 companies. TA Associates provides growth equity capital, leveraged recapitalization Leveraged Recapitalization A strategy where a company takes on significant additional debt with the purpose of either paying a large dividend or repurchasing shares. The result is a far more financially leveraged company. Notes: This is often used in risk arbitrage. and management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. financing primarily for technology, financial and business services, healthcare and consumer businesses. More information about TA Associates can be found at www.ta.com. About CapStreet The CapStreet Group, formerly Summit Capital Group, is a private equity firm that invests in middle-market companies and manages investment funds totaling more than $400 million. CapStreet was founded in Houston, Texas, in 1990. CapStreet invests in growing middle market companies with proven cash flow. More information about CapStreet can be found at www.capstreet.com. Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements made in connection with this release which are not historical fact, such as forward-looking statements concerning future financial performance and growth, involve risk and uncertainties. Such statements are subject to various factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Any forward-looking statements represent our current views with respect to future events, based on what we believe are reasonable assumptions as of the date of this release. TA Associates, The CapStreet Group and Cardtronics, Inc. each disclaim any intent or obligation to update any forward-looking statements |
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