Bayside Capital, a private investment firm based in Miami, has purchased a controlling
interest in Pendum LLC, the nation's largest provider of cash to ATMs,
both companies announced Wednesday.
Neither company disclosed the amount of the investment, but Denver-based Pendum
said the cash infusion is expected to improve the company's financial position, spur
growth and enhance service. Pendum says it will invest "more aggressively" in technology, tools and resources.
"The financial-services marketplace in which we operate is extremely dynamic and
intensely competitive," Mark Hoppe, Pendum co-founder and vice president,
said in a statement. "Reducing debt and gaining access to capital have been key priorities for Pendum to remain at the top of its field." \
Pendum provides cash and armored-car services for 60,000 ATMs and
500 cash teller dispensers in 42 states. The company has 1,600 customers nationwide.
Bayside Capital is an affiliate of H.I.G. Capital, which has more than $3.5 billion
of committed equity capital to support its investment activities, Pendum says. ATM