PE Deals

Corsair cashes in on UK ATM and TestLink divisions of NoteMachine

A subsidiary of The Brink’s Company has bought the divisions of the ATM management company.

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  • NoteMachine’s EBITDA has grown via the ATM division 
  • NoteMachine has been backed by Corsair since 2012
  • The Brink’s Company is a US total cash management company

Corsair announced that it has completed the sale of the UK ATM and TestLink divisions of its portfolio company NoteMachine. The divisions have been sold to The Brink’s Company for approximately $179 million.

For the fiscal year ending June 30, 2022, NoteMachine generated revenue of approximately $131 million and adjusted EBITDA of approximately $36 million at current exchange rates.

NoteMachine, headquartered in Crickhowell, UK, manages more than 9,000 ATMs. Following the deal, Corsair’s holdings will primarily comprise Eurochange, NoteMachine’s division providing specialist foreign currency and international payment services to retail and business clients.

Corsair is a New York-based private equity firm. It specialises in buyouts of companies across the financial and business services sector as well as in infrastructure. Corsair has raised $14.8 billion since its inception.

The buyer, The Brink’s Company, is a Richmond, Virginia-headquartered total cash management services company.