The transaction is expected to close in the third quarter. The combined Cardtronics/Welch will have more than 109,600 ATMs globally, according to a July 21 statement. Jeff Hewitt, Welch’s CEO, who also owned a stake in the company, is joining Cardtronics as executive vice president of financial institution and retail sales and relationship management, Cardtronics said.
News of the Welch ATM auction was first reported by peHUB in April. William Blair & Co advised on the deal.
Rock Island, an Oak Brook, Illinois-based buyout shop, invested in Welch in 2010. Welch, of Peoria, Illinois, has more than 26,000 ATMs under its management.
In March, Rock Island collected more than $90 million for its second fund, a placement agent and SEC filing said. The firm raised $50 million for its debut fund in 2006, according to alternative asset data provider Bison. Rock Island provides equity and mezzanine to mid-market firms, the firm’s website said.
Houston-based Cardtronics also has ties to private equity. TA Associates and CapStreet Group were once investors of the ATM operator. Cardtronics went public in December 2007 and the two buyout shops eventually cashed out.
Executives for Cardtronics, William Blair and Rock Island did not reply to requests for comment.
Luisa Beltran is a senior writer for peHUB.