GREENWICH, Conn. — Littlejohn and Co. has sold Tidel, a leading provider of cash automation technology, to Sesami Cash Management Technologies Corp.
Sesami, a tech-enabled cash ecosystem solution integrator, will operate as an independent entity of Garda World Security Corp., one of the largest security companies in the world. The companies did not disclose the terms of the transaction.
Businesses and organizations that accept cash, such as convenience stores, grocers and other retailers, use Carrollton, Texas-based Tidel’s products to automate cash handling. Littlejohn, Greenwich, Conn., acquired Tidel in March 2017.
“We are pleased to have reached a successful outcome for our investors,” Littlejohn Managing Director Tony Miranda said. “In Tidel we saw a unique opportunity to invest in a world-class, yet misunderstood, asset on the precipice of significant growth. Tidel remains the clear market leader in a relatively unpenetrated niche, with secular drivers such as resilient cash usage and increasing labor costs expected to continue to drive significant adoption of its automation technology.
Working closely with Tidel CEO Darren Taylor, Littlejohn made significant investments in Tidel that contributed to it doubling in size over Littlejohn’s ownership period, Miranda said.
“Littlejohn has been a tremendous strategic partner for our business,” Taylor said. “They have supported our efforts to meaningfully invest in the business and provided guidance as we have executed on our numerous growth initiatives. We look forward to continuing our journey as part of Sesami, a newly created cash ecosystem performance and technology company.”
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