York Private Equity has made an investment in Cennox, a provider of integrated facilities-based services and solutions. No financial terms were disclosed.
ATLANTA & NEW YORK–(BUSINESS WIRE)–Cennox (the “Company”), a global provider of integrated facilities-based services and solutions to a wide range of end-markets, announced it has received a strategic growth investment from York Capital Management’s private equity group (“York Private Equity”). Terms of the transaction were not disclosed.
Founded in 2006, Cennox provides integrated services and solutions to the financial services, commercial, retail, and transportation industries. Cennox is a leading independent, multi-vendor service provider to cash automation machines and self-checkout kiosks. The Company’s global operations span 1,500 employees that cover the United States, United Kingdom and mainland-Europe. Since its founding, Cennox has scaled through 15 acquisitions and consistent organic growth. Today, Cennox is regarded as a provider of choice for many major financial institutions, and is valued for its deep industry expertise, consistent high-quality service, and breadth of solutions.
“We are thrilled to have the support of York Capital, as we continue to expand our business globally,” said Clive Nation, Founder and CEO of Cennox. “York’s industry knowledge, network and expertise will be highly valuable as we strategically expand our solutions and service offerings.”
“Cennox is poised for rapid growth in its markets under the continued leadership of Clive, Roy Dodd and Nick Cockett,” said Harish Nataraj, Managing Director at York Capital. “We are excited to partner with the founders of Cennox. Together, we are focused on driving value for customers, entering new markets, and executing on our M&A strategy.”
Cennox also recently acquired Bancsource, a leading nationwide equipment distributor and maintenance service provider to more than 700 U.S. banks and retailers. The acquisition of Bancsource expands Cennox’s operations across the U.S., broadens its capabilities, provides an entrance into the smart safe market, and further builds on its extensive field service programs for customers.
Cennox is the third platform investment completed in the last twelve months by York Capital’s middle-market private equity fund, York Special Opportunities Fund III, L.P., an $800 million dedicated fund raised in April 2020. York Private Equity seeks to partner with founders and entrepreneurs to help facilitate and support organic and inorganic growth in industries such as financial services, business services, healthcare services, consumer/retail and industrials.
TM Capital acted as the sell-side investment banking advisors to Cennox and Lincoln International advised on the sale of Bancsource, as well as assisted in raising the financing for the acquisition. WhiteHorse Capital provided debt financing for the transactions in support of the overall M&A strategy. Duff & Phelps, A Kroll Business, acted as the buyside investment banking advisor to Cennox and York Capital in the acquisition of Bancsource.
Cennox is a global managed facility services provider headquartered in Atlanta, GA and Camberley, U.K. Since its inception in 2006, the Cennox business has evolved to meet the unique demands of the dynamic customer technology interfacing market including cash automation machines and self-checkout kiosks. Today the Company offers a turnkey service offering that includes hardware and product sales, installation services, routine maintenance services, and managed software services.
More information about the products and services it offers can be found at the company website: www.cennox.com.
About York Private Equity
York Private Equity, the private investing arm of York Capital Management, primarily targets control investments in middle-market businesses. Since inception in 2008, York Private Equity’s middle-market strategy has completed over 50 investments with aggregate transaction value in excess of $4 billion. York Private Equity has 14 dedicated team members. For more information please visit: https://yorkcapital.com/strategies/private-equity/.