De La Rue PLC, a U.K. provider of cash-handling systems and outsourced currency production services, has sold its Cash Systems unit to the private-equity company Carlyle Group.
The $707 million deal's closing was announced Tuesday. The unit, which sells cash-handling machines to banks and retailers, generated $563 million of revenue and $70 million of profits for De La Rue in its last fiscal year, which ended March 29.
De La Rue said it began considering the sale in November. It retained its Security Paper and Print, which produces currency for more than 150 countries.
Andrew Burgess, a group managing director at Carlyle, said in a press release: "Cash remains the preferred global payment method, with 50% of all payments made with notes and coins. Its ease of use and universal acceptance mean that circulation of cash is projected to increase significantly."
