Cardtronics boosts European presence with cardpoint acquisition

9 August 2013

Cardtronics, the US-based automated teller machine provider, has acquired European company Cardpoint for around £100 million ($155 million).

The firm has moved to improve its position in the UK and German market and will combine the business with Bank Machine to create a unit called Cardtronics Europe.

Bank Machine was acquired in 2005 and has 4,300 ATMs in its network. Cardpoint, which was formerly owned by Payzone Ventures, has a 7,100 machines in the UK under the Cashzone brand, with another 800 in Germany.

The organisation generated $101 million in revenues in the year up to June 2013.

Cardpoint chief executive officer Jonathan Simpson-Dent will be the managing director of Cardtronics Europe, while Andreas Raabe will continuing in his role as head of the German business.

Chief executive officer of Cardtronics Steve Rathgaber said: "The combined enterprise to be formed from this transaction, Cardtronics Europe, can harness each organisation's skills and resources to build a European platform poised for sustainable growth in the UK and expansion into attractive markets such as Germany."

By Gary Cooper

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