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. The companies did not disclose the amount of the investment, but Denver-based Pendum said it expects the cash infusion to improve the company's financial position and provide funding for growth and enhanced services. 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. Reducing debt and gaining access to capital have been key priorities for Pendum to remain at the top of its field," Mark Hoppe, Pendum co-founder and vice president, said in a statement. Pendum provides cash and armored-car services for 60,000 ATMs and 500 cash teller dispensers in 42 states. Bayside Capital is an affiliate of H.I.G. Capital, which has more than $3.5 billion of committed equity capital to support its investmens, Pendum says.

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