As per the terms of the transaction, Morgan Stanley Global Private Equity will keep the current management team in place and will hold a minority stake in the company.
Access Cash, which has offices throughout Canada, manages a network of more than 6,000 ATMs in grocery stores, convenience stores, restaurants, bars, hotels and other merchant locations.
It operates under the brand names Access Cash, EZEE ATM and Cash N Go and under a co-branding arrangement with BMO Bank of Montreal.
Access Cash processes over 26 million revenue-generating cash withdrawal transactions annually through its network of ATMs deployed in every Canadian province and territory.
Morgan Stanley Global Private Equity managing director Aaron Sack said that the company believes Access Cash represents a best-in-class owner and operator led by a talented management team.
Access Cash CEO Chris Chandler said that the new partnership is expected to help the firm continue delivering industry-leading service and to take advantage of significant market opportunities.
