CapitalWorks LLC has bought Republic, Missouri-based Bancsource Inc, a banking tech services provider. No financial terms were disclosed.
CLEVELAND, April 2, 2015 /PRNewswire/ — Cleveland private equity firm CapitalWorks, LLC, announced today it has acquired majority ownership of privately-held banking technology services provider Bancsource, Inc. based in Republic, Missouri. Bancsource provides maintenance services and sales of cash cycle equipment including ATMs, smart safes, scanners and other equipment for financial institutions and retailers nationwide.
“Bancsource provides a high level of service in an industry that demands high quality,” said CapitalWorks Managing Partner Dick Hollington. “With its client-centric approach combined with industry dynamics which are opening opportunities to independent technology service providers, Bancsource is well-positioned to assist its client-partners and continue to grow.”
Details of the transaction were not disclosed but Hollington said there will be additional announcements in the future regarding the investment and about management of Bancsource.
“We plan to invest in and grow Bancsource,” he said. “We believe in the industry and the company’s position as vendor independent and client focused.”
Bancsource Chairman Tom Black and President Walt Wasyliw have led the company for 12 years and will continue to be actively involved in their roles and with CapitalWorks principals in this next phase.
“We are excited about our new partnership with CapitalWorks,” said Black. “They have a deep understanding of our industry and can help us strategically through their network of industry experts.”
CapitalWorks invests in mid- and lower mid-market firms in collaboration with investors with experience managing or owning companies in related industries. CapitalWorks led the recapitalization of Northeast Ohio regional bank Parkview Federal Savings until selling its share 15 months ago.
Bancsource services all major OEM equipment for mission critical customer systems including ATMs, smart safes, drive-up systems, vaults and sorters.
The company is the largest ATM and branch automation reseller for Nautilus Hyosung and sorter technologies reseller for NCR.
CapitalWorks (capitalworks.net) is a Midwestern and family-focused private equity firm that encourages knowledgeable investors to partner with it in finding, vetting and owning companies. Based in Cleveland, Ohio, CapitalWorks acquires lower middle-market companies in the manufacturing, aerospace and financial industries and gives them the capital, support and freedom to grow.
For more than 30 years, Bancsource (bancsourceinc.com) has been the single source solution for equipment and equipment services for financial institutions and related businesses nationwide. Headquarters is in Republic, Missouri.