July 4 , 2012
DirectCash completes acquisition of Customers Limited
CALGARY-- DirectCash Payments Inc. a provider of ATMs, debit terminals and prepaid products, has completed its acquisition of Customers Limited, an independent operator of ATMs based in Australia.
"We are excited about the opportunity to expand our presence in the Australian and New Zealand markets, which are less mature than the Canadian market. This transaction positions DirectCash as one of the largest, publicly traded, branded ATM providers in the world with approximately 18,900 active ATM sites and operations in Canada, Australia, New Zealand, Mexico, the United Kingdom and the United States", said Jeff Smith, President and CEO of DirectCash.
Customers operates Australia's largest fleet of ATMs, which are contracted to merchants. The company operates ATMs for Bank of Queensland and Coles Express, while also carrying a range of bank brands on selected terminals, including Citibank, Bendigo and Adelaide Bank, and Arab Bank of Australia, as well as its own convenience brands. The Company is also the majority shareholder of New Zealand ATM Services Ltd.
"DirectCash anticipates that it will be able to achieve additional benefits and synergies from the Customers acquisition", said Mr. Smith.
At closing, the transaction was initially be funded through senior credit facilities to finance the acquisition consideration and extinguish pre-existing debt of Customers. Permanent financing for the transaction is expected to be through a combination of bank debt, high yield notes and equity. DirectCash expects significant accretion to funds from operations per share in the first fiscal year following the transaction.