Corsair Completes Sale of NoteMachine’s UK ATM and TestLink Divisions

Rhea-AI Summary

Corsair has completed a deal to sell the UK ATM and TestLink divisions of NoteMachine Group Holdings to a subsidiary of The Brink’s Company as of October 3, 2022. Corsair has worked closely with NoteMachine to enhance its operations, leading to considerable EBITDA growth through various strategic initiatives. Post-transaction, Corsair's focus will shift primarily to Eurochange Limited, which offers foreign currency and international payment solutions. The partnership has significantly increased NoteMachine's scale, processing 29 million transactions and handling £14 billion annually.

Positive

• Corsair achieved meaningful EBITDA growth in NoteMachine's ATM division.
• The partnership with NoteMachine led to several value-creating initiatives.
• Corsair retains Eurochange, which provides foreign currency and international payment solutions.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Corsair, a financial services investor focused on payments, software and business services, today announced it has entered into a definitive agreement to sell the UK ATM and TestLink divisions of NoteMachine Group Holdings Ltd (“NoteMachine” or the “Company”), one of the leading ATM networks in the United Kingdom, to a subsidiary of The Brink’s Company (“Brink’s”).

Following the transaction, Corsair’s holdings will primarily comprise Eurochange Limited (“Eurochange”), NoteMachine’s division providing specialist foreign currency and international payment solutions to retail and business customers.

Since acquisition, Corsair has partnered with NoteMachine to help the Company become a leading independent operator of UK ATMs, as well as a broader provider of consumer financial services. Headquartered in the United Kingdom, NoteMachine currently manages more than 9,000 ATMs. As a result of the partnership, Corsair’s active engagement with NoteMachine led to meaningful EBITDA growth of the ATM division as a result of several value-creating initiatives, including organic growth and strategic leadership changes.

“NoteMachine has benefitted greatly from Corsair’s supportive ownership over the past several years,” said Philip Bowcock, CEO of NoteMachine. “Together with Corsair, we have been able to enact meaningful value-additive initiatives that have propelled the business forward, and we look forward to continuing our great work together.”

“We are extremely pleased with the growth we have been able to generate through our active partnership with NoteMachine,” said Raja Hadji-Touma, Partner at Corsair. “Through sustainable growth and with the benefit of our financial institutions network, the Company’s scale and size has increased meaningfully from the time of our investment. We look forward to returning further profits to investors through the retention of Eurochange.”

The transaction was finalized as of October 3, 2022. Canaccord Genuity acted as sole financial adviser to Corsair and NoteMachine.

About Corsair
Corsair is a global specialist investment firm offering opportunities for investors and solutions for companies across financial & business services and infrastructure. The firm has almost three decades of experience partnering with businesses at the crossroads of technology transformation and financial services complexity and established its complementary infrastructure investment practice in 2015. Corsair has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception. More information about Corsair can be accessed through https://corsair-capital.com/.

About NoteMachine
NoteMachine is the second largest provider of ATMs in the United Kingdom, operating over 9,000 machines on a free or pay-to-use basis that process more than 29 million transactions every month and £14 billion in cash each year. As a vertically integrated ATM operator, NoteMachine uses its own cash center, engineering and processing infrastructure to provide an end-to-end solution for independent retailers, national accounts and financial institutions.

About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the global leader in total cash management, route-based secure logistics and payment solutions including cash-in-transit, ATM services, cash management services (including vault outsourcing, money processing and intelligent safe services), and international transportation of valuables. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our global network of operations in 53 countries serves customers in more than 100 countries. For more information, please visit our website at www.brinks.com or call 804-289-9709.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221004005485/en/

Media

Peter Gavaris

Phone: 646.807.8923

pgavaris@prosek.com

Source: Corsair

FAQ

What divisions did Corsair sell to Brink's Company on October 3, 2022?

Corsair sold the UK ATM and TestLink divisions of NoteMachine Group Holdings.

What is the significance of NoteMachine's operations post-sale?

NoteMachine will continue to operate as a leading independent ATM network in the UK with over 9,000 ATMs.

What is the impact of the sale on Corsair's focus going forward?

Post-transaction, Corsair's primary focus will be on Eurochange Limited.

How many transactions does NoteMachine process monthly?

NoteMachine processes more than 29 million transactions monthly.

What amount of cash does NoteMachine handle yearly?

NoteMachine handles £14 billion in cash annually.