Morgan Stanley Global Private Equity Buys Access Cash
Apr 13, 2012 (Close-Up Media via COMTEX) --
Morgan Stanley Global Private Equity has acquired Access Cash General Partnership, a Canadian independent service organization that manages the country's second largest network of automated teller machines.
According to a release, Stanley Global Private Equity partnered with the current management team who will remain in place and will hold a significant minority stake in the Company.
Access Cash, with offices throughout Canada, manages a network of more than 6,000 ATMs in grocery stores, convenience stores, restaurants, bars, hotels and other merchant locations. The Company is a market leader in the operation of private label (non-bank branded) ATMs and a pioneer in the deployment of bank-branded machines in merchant locations throughout Canada. A leading acquirer of ATM portfolios, Access Cash will continue to augment its organic growth with strategic acquisitions.
Aaron Sack, Managing Director of Morgan Stanley Global Private Equity, said, "We believe Access Cash represents a best-in-class owner and operator led by an extremely talented management team. We are very excited to support management in taking Access Cash to the next level." Jim Howland, Managing Director and Operating Partner of Morgan Stanley Global Private Equity, added, "We are delighted to partner with Access Cash in leveraging its strong platform and industry-leading capabilities to drive substantial growth within the ATM marketplace."
Chris Chandler, Chief Executive Officer of Access Cash, said, "We are proud of the accomplishments of the entire Access Cash team and are thrilled to partner with Morgan Stanley Global Private Equity. We expect this new partnership to help us continue delivering industry-leading service and to take advantage of significant market opportunities."
According to the company, Access Cash represents the eleventh investment by Morgan Stanley Capital Partners V, the most recent fund raised by Morgan Stanley Global Private Equity, and the third in the business services sector, joining EmployBridge, a provider of light commercial temporary staffing services in the U.S., and Zenith, a specialist provider of fleet solutions to corporations in the United Kingdom.
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