Founders Equity Inc., a New York private equity firm, confirmed its acquisition of Pay-O-Matic Corp. and C.L.B. Check Cashing Inc.
Terms of the deal weren't disclosed.
The New York Times reported earlier Wednesday that the acquisition is valued at more than $500 million.
The companies were acquired through a new investment vehicle, FEF Cash Inc.
Pay-O-Matic, Syosset, N.Y., provides check cashing services, sells money orders, handles bill payments and wires money through its partner Western Union Co.
