HOUSTON – Two venture capital firms, the CapStreet Group of Houston and TA Associates of Boston, will continue to hold a controlling stake in Cardtronics, after completion of the ATM operator’s initial public offering.
The two firms will either hold between 51.6% and 47.2% of the nation’s largest operator of ATM, depending on whether underwriters of the subpar IPO decide to exercise their option to acquire the shares, according to a filing with the Securities and Exchange Commission. The two firms also hold seats on the Cardtronics board.
A 25% stake is considered working control of a public company.
Cardtronics shares have traded down as much as 7% since their debut last week, and closed yesterday at $10, the same as the initial offering price.
Cardtronics raised $110.1 million with the sale of 12 million shares as part of last week’s IPO, the proceeds of which will go to pay down debt.
The company has emerged as one of the major providers of electronic funds services for credit unions, with connections to the CO-OP, Credit Union 24 and Financial Service Centers Cooperative networks, and through its wholly owned Allpoint surcharge-free ATM network.
