Investee Company – Moneybox Corporation Ltd (UK)
Investee Company Business Type – Deploys privately owned cash machines
Type of Financing – Expansion
Equity Providers – Sand Aire Private Equity, SNS Bank, Ambient plc, Apax Partners
Equity Leader (Individual) – John Hudson, Sand Aire Private Equity
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £14 million
Total Deal Value – £14 million
Other Advisors – SJ Berwin
Comments – Moneybox Corporation Ltd has completed a £14 million round of funding to develop its ATM network in the UK, Holland and Germany. Sand Aire Private Equity, who led the round of new investors, has committed up to £3.5 million for a 5.98% stake. SNS Bank committed up to £2.5 million for 4.27% of the equity. Existing investors Ambient plc and Apax Partners have committed £6.25 million and £1.75 million securing stakes of 60.13% and 29.62% respectively.
The funding will be issued in two tranches. The first tranche of £11 million will be accessible immediately and will fund the continued roll out of ATM networks in the UK where the company already has active contracts for 1,600 installed ATMs. The plan is to build two networks which will account for 4,000 ATMs to be added to those at locations such as Spar, Londis, Costcutter, military bases, transport locations and leisure sites including pubs and nightclubs.
The fresh capital will also be targeted at rolling out Moneybox convenience ATMs in Holland. A joint venture has recently been formed between Moneybox Nederland BV and SNS Bank to install around 750 ATMs in Holland. A launch into Germany is also in discussion phase and when completed will open up the remaining tranche of £3 million.
Following the completion of this latest funding round, Moneybox will hold a value of £58.5 million.