Welch ATM, backed by Rock Island Capital, goes on the block

welch

Rock Island Capital has put Welch ATM up for sale, according to two sources.

William Blair is advising on the deal, the people said.

Founded in 1973, Peoria, Illinois-based Welch manages a network of 22,000 ATMs nationally. Welch agreed in December to provide ATM services to SeaWorld Parks & Entertainment, including Busch Gardens and Sesame Place Parks. Other partners include Walgreens and Murphys USA.

Rock Island invested in Welch in 2010. It is unclear how much the PE firm invested. Jeff Hewitt, Welch’s CEO, also owns a stake, a different source said.

Oakbrook, Illinois-based Rock Island, which has more than $150 million of committed capital, provides equity and mezzanine capital to mid-market companies. Rock Island invests in sectors including manufacturing, distribution and services, according to the firm’s website.

Executives of Rock Island, Welch and William Blair did not immediately reply to requests for comment.

Photo courtesy of Shutterstock

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