TORONTO — Ezee ATM Inc., a Canadian ISO with more than 1,550 ATMs under contract, is joining forces with investor Newport Partners in an effort to consolidate Canada's independent, or "white label," ATM industry.
According to a news release, the new partnership, Ezee ATM LP, is currently in negotiations with a number of potential candidates for acquisition. In addition, Ezee plans to enter into management agreements with owners of Canadian ATM portfolios looking for a more efficient operating model.
"We've spent the past three years developing the operational infrastructure required for consolidation, and with Newport's financial expertise, we now have the capital we need to grow," said Gordon Metcalfe, chief executive of Ezee ATM LP.
Newport Partners has approximately $650 million in public and private assets under management on behalf of more than 350 client families, according to the release. Through its private capital division, Newport invests in small- to medium-sized Canadian private businesses with consistent records of profitability.
