HOUSTON – Cardtronics said it is acquiring another independent ATM operator, Access to Money Inc., adding an additional 10,350 ATMs to its fleet – which has emerged as the leading electronic funds transfer switch for credit unions.
The deal comes just weeks after Cardtronics completed the acquisition of 3,700 ATMs in the Midwest and Great Lakes region from Efmark Deployment and will give Cardtronics almost 40,000 ATMs in the U.S. Cardtronics also has fledgling ATM operations in Mexico and the U.K.
Financially struggling Access to Money operates ATMs in 11 Southwestern states for The Pantry, which is the No. 3 convenience store chain in the nation. It also has ATMs at nearly 500 Dunkin’ Donuts locations, as well as a growing ATM presence at banks and credit unions.
Cardtronics will pay $21.2 million in cash for Access to Money, of Cherry Hill, N.J., which lost $845,000 for the first half of 2011, lost $1.3 million in 2010, and $6.62 million in 2009.
“The Access to Money acquisition not only offers the opportunity to extend our reach with leading retail brands, including Kangaroo Express [The Pantry], but it also allows us to bring a new level of scale to our merchant-owned business,” said Steve Rathgaber, Cardtronics’ CEO.
Cardtronics has become a critical EFT switch for credit unions with connections to CO-OP Financial Services, Credit Union 24 and Financial Service Centers Cooperative’s shared branch network. It also is the parent of the surcharge-free Allpoint ATM network.
