Sunwin Services Group, a Co-operative Group (“Co-op Group”) subsidiary, provides secure cash transportation, ATM maintenance services and other services to the Co-op Group and other leading businesses.
DC Advisory introduced Cardtronics to Co-op Group with a view to discussing the acquisition of Sunwin Services Group and the signing of a long term agreement to operate the Co-op Group’s ATM network.
DC Advisory Manchester, led by Managing Director Richard Pulford, acted as financial adviser to Cardtronic.
Soon after discussions began Cardtronics secured exclusivity to proceed to diligence and formal documentation.
On 2 September 2014, Cardtronics announced that it had successfully exchanged contracts to acquire Sunwin Services Group for up to £41.5m, and entered into a long term ATM operating agreement with the Co-op Group for their c.1,800 free-to-use ATM estat.
As part of the ATM operating agreement, Cardtronics will have the right to install and operate ATMs in hundreds of Co-op Food locations that do not currently have an ATM, as well as in any new Co-op Food store.
The transaction presents a solid, strategic opportunity for growth that plays absolutely to our core strengths. We thank DC Advisory for introducing us to the opportunity and providing expert and professional advice to help us deliver a uniquely complex deal.
This transaction cements Cardtronics position as the UK’s leading ATM operator. We are delighted to have advised Cardtronics for a third time in the last 18 months.