Corsair Completes Sale of NoteMachine’s UK ATM and TestLink Divisions

Corsair, a financial services investor focused on payments, software and business services, announced it has entered into a definitive agreement to sell the UK ATM and TestLink divisions of NoteMachine Group Holdings Ltd (“NoteMachine” or the “Company”), one of the leading ATM networks in the United Kingdom, to a subsidiary of The Brink’s Company (“Brink’s”).

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Following the transaction, Corsair’s holdings will primarily comprise Eurochange Limited (“Eurochange”), NoteMachine’s division providing specialist foreign currency and international payment solutions to retail and business customers.

Since acquisition, Corsair has partnered with NoteMachine to help the Company become a leading independent operator of UK ATMs, as well as a broader provider of consumer financial services. Headquartered in the United Kingdom, NoteMachine currently manages more than 9,000 ATMs. As a result of the partnership, Corsair’s active engagement with NoteMachine led to meaningful EBITDA growth of the ATM division as a result of several value-creating initiatives, including organic growth and strategic leadership changes.

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“NoteMachine has benefitted greatly from Corsair’s supportive ownership over the past several years,” said Philip Bowcock, CEO of NoteMachine. “Together with Corsair, we have been able to enact meaningful value-additive initiatives that have propelled the business forward, and we look forward to continuing our great work together.”

“We are extremely pleased with the growth we have been able to generate through our active partnership with NoteMachine,” said Raja Hadji-Touma, Partner at Corsair. “Through sustainable growth and with the benefit of our financial institutions network, the Company’s scale and size has increased meaningfully from the time of our investment. We look forward to returning further profits to investors through the retention of Eurochange.”