Corsair Capital has acquired NoteMachine, an automated teller machine operator, from Rutland Partners. NoteMachine’s management is retaining a significant shareholding in the company.Founded in 2006 by CEO Peter McNamara, NoteMachine operates approximately 7,000 ATMs in the United Kingdom and more than 500 ATMs in Germany. NoteMachine has a 7% share of cash withdrawals in the United Kingdom and its ATMs dispense £5 billion of cash every year. The company is based in Crickhowell, Wales, UK (www.notemachine.com).
“The NoteMachine business we have built with Peter McNamara and the team over six years has grown from 2,000 ATMs to become market leader with over 7,000 ATMs and is the only vertically integrated operator in the United Kingdom market with a growing presence in Germany. This transaction represents a cash return of approximately 1.3x Rutland’s investment. We are confident NoteMachine moves forward with highly experienced owners in Corsair and the NoteMachine management team. We wish the business every success for the future,” said Paul Cartwright, Managing Partner of Rutland.
Rutland Partners, located in London, UK, invests from £10 million to £50 million in UK based or UK focused companies with an enterprise value from of £20 million to £200 million. The firm is an industry generalist (www.rutlandpartners.com).
“We are very pleased to have Corsair as an investor. Their 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,” said Mr. McNamara.
Corsair Capital is a specialist private equity firm focused exclusively on investing in the financial services industry. Founded in 1993, the firm is based in New York with an additional office in London (www.corsairinvestments.com).
KPMG provided financial advice to Rutland, Deloitte provided financial advice to management and Taylor Wessing acted as legal advisor to both Rutland and management. Clifford Chance acted as legal advisor to Corsair Capital.
