Further Global Capital Management has acquired Louisville, Kentucky-based Payment Alliance International, an ATM provider with over 75,000 ATMs. No financial terms were disclosed. In addition to the funding, David Dove has become CEO of PAI.
NEW YORK–(BUSINESS WIRE)–On January 31, 2019, Further Global Capital Management (“Further Global”), a private equity firm focused on the financial services industry, completed its acquisition of Payment Alliance International (“PAI”), the nation’s largest privately-held ATM provider with over 75,000 ATMs. Terms of the transaction were not disclosed.
Effective today, David Dove joins PAI as Chief Executive Officer. Mr. Dove previously served as President of the Cardtronics North American Business Group and brings over 30 years of industry experience to PAI. Jeffery Keith and Alan Watson also join PAI as EVP, National Retail & Operations and Chief Financial Officer, respectively. Mr. Keith and Mr. Watson previously served in management roles within the Cardtronics North American Business Group. Neil Clark will remain with PAI as head of the Market Partner line of business.
Olivier Sarkozy, Further Global’s Managing Partner, said, “We are excited to partner with PAI, a leader in the non-bank ATM market, whose differentiated technology enables clients to efficiently manage their ATM fleets. We look forward to working with David and the entire PAI team to help drive their success.”
“PAI is a great franchise,” said David Dove. “We look forward to working with PAI’s talented associates to continue to grow the company and serve the customer base with its leading edge technology.”
Further Global was advised by BMO Capital Markets as financial advisor and Dechert LLP as legal counsel. Raymond James & Associates, Inc. served as financial advisor and Kirkland & Ellis LLP served as legal counsel to PAI.
About Payment Alliance International (PAI)
Founded in 2005, PAI is the nation’s largest, privately-held ATM provider, offering turnkey ATM placements, managed services, and a full line of processing and support services, including its own armored and maintenance teams. PAI’s industry-leading value-added solutions and tools stand alone when it comes to managing ATM portfolios. Payment Alliance International is headquartered in Louisville, Kentucky, with offices around the country. For more information, please visit www.GoPAI.com.
About Further Global Capital Management
Further Global Capital Management is an employee owned private equity firm that makes investments in businesses within the financial services industry. Further Global seeks to be a true partner with the management teams with whom it invests with an objective to be the “Capital Partner of Choice” to the industry. Further Global seeks out situations in which its extensive network, operational expertise and capital can drive significant value. Further Global has offices in New York and Toronto with broad support from its network of senior advisors and operating partners. For more information, please visit www.furtherglobal.com.