TRM Raises New Capital With Sale of More Assets
PORTLAND, Ore. – Financially ailing ATM ISO TRM Corp. said yesterday it continues to raise new funds by the shedding of assets with the sale of its ATM business in Britain and Germany for $92.6 million. The buyer is NoteMachine Ltd., an England-based ATM operator owned by Rutland Partners LLP, a British private equity partnership. The sale comes a few weeks after TRM raised $25 million by selling its once-core copier business and its Canadian ATM business. Proceeds raised from the assets sales will be used to pay down TRM’s debt with Wells Fargo Foothill and GSO Capital, most of which was incurred with the company’s 2005 acquisition of eFunds’ 14,000 ATMs. The company reported a $105 million third quarter loss, as it wrote down much of the value of the eFunds fleet. TRM operates about 15,000 ATMs across the country, 6,000 of which are part of the CO-OP Network.