Financial Technology Partners LP and FTP Securities, are pleased to announce the completion of another highly successful landmark transaction in the payments and banking technology sector, serving as sole strategic and financial advisor to EDC and its Board of Directors on its sale to Cardtronics USA, a wholly-owned subsidiary of Cardtronics, for $145 million.
EDC is a leading provider of turnkey ATM deployment services operating approximately 3,700 ATMs and multi-function kiosks in the United States focused on multi-state retail operators and high-transacting merchant locations such as convenience stores. The sale adds to the number of Cardtronics’ ATM terminals and will significantly increase its market footprint, particularly in the Midwest and Great Lakes regions. Furthermore, Cardtronics will establish branding relationships with 8 of the top 15 banks in the United States (by assets) through the acquisition.
“With numerous competitive proposals from both strategic and private equity bidders, we were incredibly pleased to represent EDC in its sale to Cardtronics,” said Steve McLaughlin, Managing Partner of Financial Technology Partners. “The success of this transaction and the fantastic results for EDC and its shareholders are a testament to the hard work and dedication of Mark Strauch, Edward Page and the rest of the management team at building one of the premier ATM businesses in the United States.”
“We enjoyed working with the entire FT Partners team and were impressed with their incredible level of effort and diligence throughout this process,” said Mark Strauch, President and CEO of EDC. “I would strongly recommend that any CEO seeking to realize maximum value for their shareholders consider FT Partners as a true partner they can trust and to ultimately deliver what they promise.”
FT Partners was named “Investment Bank of the Year” in 2004 and 2006 and was also recognized as “DealMaker of the Year” in 2007, 2008 and 2009, in addition to receiving multiple transaction awards highlighting the outstanding achievements and results obtained for clients.
Selected FT Partners Transactions:
The $145 million sale of EDC to Cardtronics
YapStone’s $50 million minority investment led by Accel Partners
Mercury Payment Systems’ approximately 60% strategic investment by Silver Lake
The $370 million sale of Custom House to Western Union
The $525 million sale of Lynk to The Royal Bank of Scotland
The $325 million cash sale of Verus Financial Management to Sage Group PLC
The $177 million initial public offering for VeriFone
The $292 million debt recapitalization for VeriFone
The $300 million acquisition of iPay Technologies by Jack Henry
The $60.5 million acquisition of Goldleaf Financial by Jack Henry
The $245 million cash sale of Corillian Corp to CheckFree
The $40 million Series C financing for ViVOtech
The $42.5 million sale of Alogent to Goldleaf Financial
About Financial Technology Partners LP and FTP Securities LLC
FT Partners is the only investment banking firm focused exclusively on providing strategic and financial advisory services to CEOs in the dynamic financial services and technology sector. The firm offers strategic advisory services in mission-critical transactions including mergers, acquisitions, IPOs, LBOs, refinancings, recapitalizations and private capital raisings. FT Partners’ Managing Partner, Steve McLaughlin, formerly was a senior investment banker in Goldman, Sachs & Co.’s (NYSE: GS) Financial Technology Group and was the senior investment banker in the Financial Institutions Group in San Francisco before leaving the firm to form FT Partners in late 2001. San Francisco-based FT Partners is comprised of a team of experienced investment bankers formerly with the financial technology, M&A and investment banking groups of Goldman Sachs, Credit Suisse and Banc of America Securities. FT Partners and Steve McLaughlin were recognized in 2009 by The M&A Advisor as “Dealmaker of the Year”. The firm has also been recognized as “Investment Banking Firm of the Year” in 2004 and again in 2006 for “Boutique Investment Banking Firm of the Year.” Steve McLaughlin was also named in 2006, 2007 and again in 2008 to Institutional Investor’s “Online Finance 40” ranking of most influential leaders in online finance. Any securities related transactions contemplated by or acted upon hereunder are conducted by FTP Securities LLC, a FINRA broker-dealer and a wholly owned subsidiary of Financial Technology Partners LP. For additional information, please visit www.ftpartners.com.
EDC ATM Subsidiary and Efmark Deployment I (collectively, “EDC”), is a financial services company for consumers who want a quick, easy-to-use, and affordable way to access cash, pay bills, obtain prepaid debit cards, and perform a variety of other day-to-day transactions. We own and operate a network of ATMs and self-service kiosks deployed in thousands of retail locations across the United States.
We believe in the power and simplicity of self-service automation and in the convenience of retail distribution. This is why EDC is now at the forefront of a sea change in financial services that has come about because technology has made us capable of doing what we could never do before and because many consumers have asked for an alternative to the traditional banking experience. We see every transaction as a new customer conversation. Whether it is a traditional ATM cash withdrawal, a brand new way to pay your cell phone bill, or an exclusive in-store coupon to save 50% on a car wash, we see each interaction as a new opportunity to make life a little bit easier for our consumer and a little more compelling for our retailer. www.edcatm.com.
Cardtronics (Nasdaq: CATM) is the world’s largest non-bank owner of ATMs. The Company operates over 33,200 ATMs in the United States, the United Kingdom, Mexico, and the Caribbean, primarily with well-known retailers such as 7-Eleven®, Chevron®, Costco®, CVS®/pharmacy, ExxonMobil®, Hess®, Rite Aid®, Safeway®, Target®, and Walgreens®. Cardtronics also assists in the operation of approximately 4,000 ATMs under managed services contracts with customers such as Kroger®, Travelex®, and Circle K®. In addition to its retail ATM operations, the Company provides services to large and small banks, credit unions, and prepaid card issuers, allowing them to place their brands on over 12,000 Cardtronics’ ATMs and providing surcharge-free access through Cardtronics’ Allpoint Network. www.cardtronics.com.