Angel Investor Bows Out At Cardtronics
HOUSTON – Cardtronics said Fred Lummis, whose CapStreet investment funds built the company into the largest ATM fleet in the world, resigned as chairman of the board, where he has served since his private equity fund bought control of the fledgling independent service organization in 2001.
During Lumis’s nine years as chairman, Cardtronics grew from a few hundred ATMs to more than 33,000 ATMs in three countries and is now the major electronic funds transfer switch for credit unions through connections with CO-OP Financial Services, Credit Union 24 and Financial Service Centers Cooperative shared branch network.
Lummis’ exit comes after CapStreet, which invested about $25 million in building Cardtronics, cashed out most of its shares in September for about $100 million. The Houston-based investment firm still owns some 1.2 million Cardtronics shares.
Moving over to serve as chairman of the board will be current director Dennis Lynch, who headed the NYCE EFT network until it was acquired in 2004 by Fidelity National Information Services.
Replacing Lummis on the board is Mark Rossi, a managing director at private equity fund Cornerstone Equity Investors.