Ninety seven ATMs, which together process some 800,000 transactions annually, have been acquired by Stargroup, bringing the company’s total number of operational ATMs to 365.
The 97 ATMs were previously operated by CashmyATM, and are deployed in New South Wales, Queensland, Northern Territory, Tasmania and Victoria. Following the acquisition Stargroup is forecast to process in excess of 2.9 million transactions each year.
Stargroup acquired CashmyATM from Mr Jason Warren, owner and CEO of CashmyATM, for $4.54 million. Under the deal, which is expected to be completed in early July, with effect from June 1, 2016, Mr Warren will join Stargroup as its national business manager.
Stargroup’s CEO and executive chairman, Todd Zani, told C&I Week: “This is a high quality network acquisition and more importantly, the CEO of CashmyATM is a high quality individual that will bring further merger and acquisitive opportunities to Stargroup over the course of the next 12 months as we continue to expand our network and operations across Australia.
“The sites acquired in this acquisition are primarily in northern NSW and QLD and we have expanded our team that operates out of our new Brisbane office/warehouse to ensure that the CashmyATM clients and our existing customers continue to get the ‘star treatment’.
Stargroup foreshadowed its growth through acquisition plans in April 2016, outlining a strategy to target smaller unlisted ATM deployers for value accretive mergers and acquisitions.
Having acquired CashmyATM and retained the services of Mr Warren, Mr Zani said: “Jason Warren is a very experienced ATM operator and I believe that this quality acquisition and his experience will bring further value to our shareholders in both the short and long term.”