July 9, 2003 – Press Release
FOR IMMEDIATE RELEASE
Tremont Capital Group Represents Automatic Bankcard Services in the sale of its ATM Portfolio
BOSTON, MA – July 9, 2003 – Whippany, NJ-based Access to Money, Inc., one of the nation’s largest ATM Independent Sales Organizations (ISOs), today announced its acquisition of the management rights to the ATM portfolio belonging to Cary, NC-based ISO Automatic Bankcard Services, Inc. (ABS). Boston, MA-based Tremont Capital Group, Inc. advised and represented the seller, Automatic Bankcard Services, in the transaction and served as the broker to the deal.
Prior to this acquisition, Automatic Bankcard Services owned or managed approximately 1,000 full-service placement and processing-only ATMs under contract in 25 states, primarily concentrated in the southeast United States. With this portfolio acquisition, Access to Money will now manage more than 3,200 ATMs under contract nationwide.
“This transaction will give Access to Money substantial presence in the southeast U.S. markets,” said Douglas B. Falcone, President and CEO of Access to Money. “ABS is a terrific company with an outstanding customer service reputation, and we look forward to a strong relationship with their team going forward.”
“This deal has brought together two like-minded organizations that have very similar goals, values, and corporate cultures,” said Dusty Field, President and CEO of Automatic Bankcard Services. “We are excited by our new relationship with such a strong customer-centric company that takes care of all of its customers, both large and small.” Mr. Field will remain in the ATM industry to continue building the ABS ATM portfolio and will focus much of his attention on expanding his armored and maintenance services company, Cary, NC-based U.S. Armored, LLC. As part of the agreement, U.S. Armored will provide ongoing armored and maintenance services to many of the ATM locations managed by Access to Money in the southeast United States.
“This transaction represents an extraordinary relationship between these organizations and creates tremendous strategic and financial value for everyone involved,” said Sam M. Ditzion, President and CEO of Tremont Capital Group, which represented ABS and brokered the deal. “Many more mutually beneficial deals of this nature will be formed within the ATM industry before this current period of rapid consolidation comes to an end.”
Financial terms of the agreement were not disclosed.
About Tremont Capital Group
Tremont Capital Group is the leading provider of strategic planning and merger & acquisition advisory services to the ATM ISO industry. To learn more about the services provided by Tremont Capital Group, please visit www.TremontCapitalGroup.com or call 617-482-8866.
About Access to Money
Access to Money is one of the nation’s leading independent ATM sales and service organizations, managing more than 3,200 ATMs under contract nationwide. For more information, visit www.AccessToMoney.com or call 973-599-0600.
About U.S. Armored
U.S. Armored provides premium quality ATM maintenance services and armored transport for banks, ATM companies, credit unions, and retailers in the southeast United States. For more information, please visit www.USArmored.net or call 919-535-5000.