Lloyds Bank Commercial Banking has provided a multi-million package to Cennox, a global ATM servicing company, to support its acquisition of PSSI International Inc. The deal will enable the firm to bolster its presence in the United States, the world’s second largest ATM market.
The funding facility has been designed to meet the cost of the acquisition, while providing the extra capital required to fully integrate PSSI with Sterling Inc, Cennox’s US subsidiary.
The merger will enable the business to cross-sell PSSI’s more comprehensive security offering to Sterling’s customer base, which covers 48 US states and includes major banks such as Wells Fargo and Bank of America.
Founded in 2004, Cennox has grown to become a leading ATM service provider for Britain’s four largest banks. The business specialises in ATM parts, field services and security solutions, where it has developed and patented a device that combats skimming from payment terminals.
Cennox recently took inward investment from the Business Growth Fund, a UK Government-backed initiative which specifically targets promising, high growth British organisations.
Based in Camberley, Surrey, Cennox has staff representation in 14 countries, including branches in the U.S, Germany and France. The firm also has a presence across the developing world. As the G20 continues to push for greater financial inclusion in Africa, Cennox is on track to become one of the leading ATM provides in the region from its offices in South Africa, Ghana and Nigeria. The business also expanded into India last year, the fastest growing ATM market in the world.
Peter Jackson, Relationship Director at Lloyds Bank Commercial Banking, said:
“”We are pleased to support Cennox as it continues to grow and expand. It is well established in the UK ATM market and the acquisition of PSSI builds on its presence in the USA. This is a key area for further growth and Cennox is well placed to take advantage as the industry continues to develop.”
Clive Nation, Chief Executive of Cennox, added:
“This acquisition will enhance our ATM installation and security capabilities in the United States as we look to strengthen our position in the market. This is part of our commitment to deliver a world leading service to banks and financial institutions around the globe.
“Lloyds Bank has provided a bespoke financial package which has enabled us to complete the acquisition of PSSI, while giving us the capital we need to fully integrate and enhance our offering to Cennox’s U.S. customers.”