Morgan Stanley Global Private Equity has acquired Access Cash General Partnership (“Access Cash” or the “Company”), a leading Canadian independent service organization that manages the country’s second largest network of automated teller machines (ATMs). Morgan Stanley Global Private Equity partnered with the current management team who will remain in place and will hold a significant minority stake in the Company.
Access Cash, with offices throughout Canada, manages a network of more than 6,000 ATMs in grocery stores, convenience stores, restaurants, bars, hotels and other merchant locations. The Company is a market leader in the operation of private label (non-bank branded) ATMs and a pioneer in the deployment of bank-branded machines in merchant locations throughout Canada. A leading acquirer of ATM portfolios, Access Cash will continue to augment its organic growth with strategic acquisitions.
Aaron Sack, Managing Director of Morgan Stanley Global Private Equity, said, “We believe Access Cash represents a best-in-class owner and operator led by an extremely talented management team. We are very excited to support management in taking Access Cash to the next level.” Jim Howland, Managing Director and Operating Partner of Morgan Stanley Global Private Equity, added, “We are delighted to partner with Access Cash in leveraging its strong platform and industry-leading capabilities to drive substantial growth within the ATM marketplace.”
Chris Chandler, Chief Executive Officer of Access Cash, said, “We are proud of the accomplishments of the entire Access Cash team and are thrilled to partner with Morgan Stanley Global Private Equity. We expect this new partnership to help us continue delivering industry-leading service and to take advantage of significant market opportunities.”
Access Cash represents the eleventh investment by Morgan Stanley Capital Partners V, the most recent fund raised by Morgan Stanley Global Private Equity, and the third in the business services sector, joining EmployBridge, a leading provider of light commercial temporary staffing services in the U.S., and Zenith, a specialist provider of fleet solutions to corporations in the United Kingdom.
About Access Cash
Access Cash manages the second largest network of ATMs in Canada. Access Cash offers products and services across the ATM network supply chain for over 6,000 ATMs in grocery stores, convenience stores, restaurants, bars, hotels and other merchant locations. Access Cash processes more than 26 million revenue-generating cash withdrawal transactions annually through its network of ATMs deployed in every Canadian province and territory. The Company goes to market under the brand names Access Cash, EZEE ATM and Cash N Go and under a co-branding arrangement with BMO Bank of Montreal. For further information about Access Cash, please visit www.access-cash.com.
About Morgan Stanley Global Private Equity
Morgan Stanley Global Private Equity, part of Morgan Stanley Investment Management, makes private equity and equity-related investments on a global basis. Morgan Stanley Global Private Equity utilizes Morgan Stanley
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm
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