DALLAS -- Cardtronics Inc., a leading retail ATM owner, has announced that its Canadian subsidiary, Cardtronics Canada Ltd., has been named the exclusive provider of ATM services to all 7-Eleven convenience stores in Canada. Expanding on an already extensive relationship, Cardtronics will soon serve the Dallas-based chain in both the United States and Canada.
Cardtronics' new portfolio of 7-Eleven Canada-located ATMs begins at a machine count of 472, includes expansion rights providing potential for growth and results in Cardtronics serving the chain on both sides of the U.S.-Canadian border, including thousands of 7-Eleven stores in the United States. Cardtronics expects to complete deployment of new Cardtronics-owned ATMs for 7-Eleven in Canada this summer.
"7-Eleven has the largest ATM network of any retailer in the United States, with Cardtronics providing ATM services to the vast majority of 7-Eleven ATMs," said Rick Updyke, president of the U.S. business group for Cardtronics. "The opportunity to grow our longstanding relationship internationally into Canada speaks to its mutually beneficial nature and the ability of Cardtronics ATMs to help attract customers to 7-Eleven stores."
Cardtronics first entered the Canadian marketplace with nearly 600 ATMs in late 2011 with its acquisition of Mr. Cash. Including its new portfolio of 7-Eleven Canada-located ATMs, the company's total ATM count in Canada has crossed the 1,000-machine milestone.
"The international expansion of our 7-Eleven relationship is a prime example of what Cardtronics' entry into Canada was all about," said Mike Clinard, president of global services for Cardtronics. "By acquiring Mr. Cash in 2011, Cardtronics established a strategic foothold in Canada and a platform to better serve our existing clients operating in both the United States and Canada. And beyond introducing our proven business model into Canada, the 7-Eleven expansion represents a swift return on Cardtronics' Mr. Cash investment."
Houston-based Cardtronics owns and operates more than 52,900 retail ATMs in United States and internationally.
7-Eleven operates franchises or licenses more than 9,100 7-Eleven stores in North America. Globally, 7-Eleven has approximately 45,600 stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales close to $63 billion. www.7-Eleven.com.
Separately, Morgan Stanley Global Private Equity has acquired Access Cash GP, a leading independent service organization that manages the a major network of ATMs in Canada. The current management team will remain in place and will hold a significant minority stake in the company.
Access Cash, Toronto, 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 (nonbank 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.
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.
Morgan Stanley Global Private Equity, part of Morgan Stanley Investment Management, makes private-equity and equity-related investments on a global basis.
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