Cardtronics Acquires McLane's ATM Business
Cardtronics, a national provider of ATM (ATM) products and services, and McLane Co. Inc., the leading food distributor to the convenience store and petroleum industry, announced the completion of Cardtronics' acquisition of McLane Financial Services Plus (FSP).
A wholly-owned subsidiary of McLane Co. provides ATM services to the convenience store industry. Financial terms of the agreement were not disclosed.
Cardtronics will take ownership of approximately 1,100 installed ATM machines and manage the contracts of the existing customer base. Customers of McLane FSP include several major petroleum retail outlets. Cardtronics now operates a network of more than 6,400 ATMs nationwide, handling approximately 91,000 transactions daily.
"This agreement signals the start of a major new direction of growth for our company through the acquisition of selected industry participants," said Ralph Clinard, president and CEO of Cardtronics. "Combined with our existing expertise in servicing individual accounts, gained from more than a decade of building our ATM network one machine at a time, we are well-positioned to carry out our aggressive growth plans."
Over the next six months the McLane FSP name will transition to Cardtronics. Operations will continue out of the current headquarters in Temple, Texas for at least the next 12 months. Ten employees of McLane FSP will join Cardtronics; the rest will continue to work for McLane.
A wholly-owned subsidiary of McLane Co. provides ATM services to the convenience store industry. Financial terms of the agreement were not disclosed.
Cardtronics will take ownership of approximately 1,100 installed ATM machines and manage the contracts of the existing customer base. Customers of McLane FSP include several major petroleum retail outlets. Cardtronics now operates a network of more than 6,400 ATMs nationwide, handling approximately 91,000 transactions daily.
"This agreement signals the start of a major new direction of growth for our company through the acquisition of selected industry participants," said Ralph Clinard, president and CEO of Cardtronics. "Combined with our existing expertise in servicing individual accounts, gained from more than a decade of building our ATM network one machine at a time, we are well-positioned to carry out our aggressive growth plans."
Over the next six months the McLane FSP name will transition to Cardtronics. Operations will continue out of the current headquarters in Temple, Texas for at least the next 12 months. Ten employees of McLane FSP will join Cardtronics; the rest will continue to work for McLane.