Rutland Partners makes withdrawal with sale of NoteMachine
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ATM business NoteMachine has been sold by turnaround investor Rutland Partners after a six-year investment.
Corsair Capital has acquired NoteMachine alongside the business' management team.
Rutland Partners initially acquired NoteMachine through its Rutland Fund I in September 2006 by way of a £57 million public-to-private transaction.
The automated teller machine company was founded in 2006 by Peter McNamara and operates 7,000 ATMs in the UK as well as 500 in Germany. According to a statement it has a 7 per cent share of cash withdrawals in the United Kingdom with its ATMs dispersing £5 billion of cash every year.
The transaction represents a cash return of 1.3x Rutland's investment and now means that the £210 million Rutland Fund I now has one remaining investment, Advantage Healthcare.
The sale of NoteMachine is the third this year by Rutland following divestments from its £320 million Rutland Fund II including Pulse Home Products in August 2012 and Attends Healthcare in February 2012.
McNamara, founder and CEO of NoteMachine, comments, '[Corsair's] investment in NoteMachine will help us to continue to deliver excellent services to our customers.
'In addition, as a financial services specialist investor, Corsair has the ambition and expertise to support the long-term growth of our business.'
Following the acquisition, Evan Davies, vice chairman of Corsair Capital, will join the board of NoteMachine as non-executive chairman.
Davies was UK minister for Trade, Investment and Small Business in 2009 and 2010, a joint role between the Department for Business, Innovation and Skills and the Foreign and Commonwealth Office, also with responsibility for Infrastructure UK.
'NoteMachine is at a key inflection point in its expansion, and we are confident that Corsair's global financial services market expertise will provide enhanced value to NoteMachine.
'This investment is consistent with Corsair's strategy to utilise its highly successful financial services sector experience to partner with a strong management team and to add value to the execution of the company's business strategy.'