Technology/Services

Tidel 'Remarkably Well Positioned' for Growth Under New Ownership

Deal marks second acquisition of safe maker in two years

CARROLLTON, Texas -- Tidel CEO Gary Landry hopes to strengthen the cash-management systems and services the company produces after ownership of the company passed from one private-investment firm to another this week.

Greenwich, Conn.-based private investment firm Littlejohn & Co. LLC announced its purchase of Tidel, a manufacturer of cash-management systems, safes and other robbery-deterrent products for the retail industry, on March 1. The deal comes two years after Tidel was acquired by an affiliate of another private-investment firm, Graham Partners, which specializes in the advanced manufacturing and industrial technology sector.

Graham Partners' aim during its 2015 acquisition of Carrollton, Texas-based Tidel was to expand the safe maker’s product portfolio, increase share in its core customer base and enter new markets in the United States and globally.

The new ownership sees Tidel as well positioned for growth.

"Smart safes offer compelling economics for all participants in the cash-management ecosystem, including retailers, armored carriers and financial institutions. As such, the industry is poised for rapid growth in adoption. Given its reputation for quality and innovation, Tidel is remarkably well positioned to benefit from the ongoing growth and development of this market," said Tony Miranda, managing director of Littlejohn & Co.

Gary Landry, CEO of Tidel, said, "We look forward to partnering with Littlejohn to further strengthen our product and service offerings while delivering best-in-class execution for our customers. Tidel has a tremendous opportunity to grow its market position by continuing to do what we do best: providing our customers the most innovative and reliable cash-management solutions available."

Founded in 1996, Littlejohn invests exclusively in middle-market companies, defined by the firm as businesses with revenue of $100 million to $800 million. The firm invests in a range of industries and generally works to improve an acquired company’s performance, carve operating divisions out of large corporations or help companies facing operational or financial crises recover. Gibson, Dunn & Crutcher LLP, based in Los Angeles, provided legal counsel to Littlejohn & Co. concerning the acquisition.

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