Bayside Capital-backed Pendum LLC signed an agreement to sell its cash logistics business to Loomis Armored US LLC. The transaction will include Pendum’s armored transportation and cash-in-transit services operations. The deal is expected to close April 30. Pendum will retain its core maintenance business.
Pendum LLC announced today that it has entered into an agreement to divest its cash logistics business, including its armored transportation and cash-in-transit services, to Loomis Armored US, LLC, one of the premier armored, ATM and cash services companies in the world. The transaction is expected to close April 30, 2011.
“Pendum’s cash logistics customers will be serviced by a leading global provider of cash logistics and cash management services. Loomis is a well-capitalized company that is committed to strategic growth in the ATM services market, and its leadership values Pendum’s core processes and strong emphasis on safety, security and customer service,” said Jim Campbell, Chief Executive Officer, Pendum LLC.
“In addition, because Loomis intends to transition virtually all of Pendum’s cash logistics employees, we expect a seamless transition for both customers and employees,” said Campbell. “The same personnel who manage and service our customers’ terminals on April 29 will also manage and service these terminals on April 30. We will be working closely with Loomis following the closing of the transaction to ensure consistent service levels and security, and will provide back office services to Loomis for several months under a transition services agreement.”
Pendum will retain its core maintenance business and will continue to provide best-in-class first line maintenance, second line maintenance, project work and ATM hardware sales. With the backing of Bayside Capital, a private equity firm which, along with affiliates, manages more than $8.5 billion, Pendum will accelerate its growth strategy in the ATM and bank equipment service markets.
With the sale of the cash logistics business, we are able to focus solely on Pendum’s ATM maintenance and service operations,” said Sean Ozbolt, Managing Director, Bayside Capital. “We look forward to accelerating our growth in this market and expanding our competitive positioning as the leading independent provider of ATM maintenance services in the U.S. We will continue to build on the recent accomplishments Pendum’s maintenance organization has achieved.”
About Pendum LLC
Pendum LLC is the leading independent provider of ATM services in North America. By focusing on improving uptime, increasing efficiencies and enhancing the end-user experience, Pendum provides cost and operational advantages to streamline and improve the management of ATM networks for its customers. For more information, please visit www.pendum.com.
SOURCE Pendum LLC