CapitalWorks has sold Bancsource to Cennox, a portfolio company of York Capital Management
Headquartered in Springfield, Missouri, Bancsource is a leading, technology-enabled provider of maintenance services for cash automation technology. The company offers maintenance, repair and installation services for automated teller machines, interactive teller machines, smart safes and other cash automation devices for use in financial institutions and a variety of other end markets. The company also sells hardware as part of its full service offering to its 500+ customers.
Cennox is a globally managed facility services provider headquartered in Atlanta, Georgia, and Camberley, United Kingdom. Since its inception in 2006, the Cennox business has evolved to meet the unique demands of the dynamic customer technology interfacing market including cash automation machines and self-checkout kiosks. The company’s global operations span 1,500 employees that cover the United States, United Kingdom and mainland Europe.
“Bancsource offers an exciting opportunity for Cennox to strengthen and expand its service offering in banking automation, break fix and smart safe deployment and maintenance,” explains Clive Nation, Founder and Chief Executive Officer of Cennox. “With a range of high-profile clients, the acquisition of Bancsource supports the Cennox strategy of increasing its banking and non-banking solutions as well as geographic coverage for its key customers and original equipment manufacturer partners.”
Dick Hollington, Managing Director and Chief Executive Officer of CapitalWorks, commented, “Lincoln did an excellent job of facilitating the sale process, leveraging their industry expertise to position Bancsource and its value proposition to clients. Ultimately, this process led to a great outcome for CapitalWorks and other Bancsource stakeholders.”
Lincoln acted as the exclusive investment banking advisor to Bancsource, working closely with CapitalWorks and the Bancsource management team throughout the sale process. This included providing mergers and acquisitions and industry expertise as well as managing the preparatory, marketing, due diligence and negotiation phases of the transaction.
Lincoln truly served as a trusted advisor to the Bancsource Board of Directors and management team from start to finish and were highly engaged in all aspects of the process.
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