Sterling Bank Services, part of The Cennox Group, has announced that it has successfully acquired Bankers Exchange, a Retail and ATM Parts business based in Atlanta, Georgia. The purchase will support the development of our US operation’s commercial portfolio, expanding our Machine Parts business and logistics capability to customers around the world.
The acquisition of Bankers Exchange fits neatly into our mission to provide the full and authentic, end-to-end ATM solutions business, at a service level unparalleled in the industry. The exciting acquisition will provide both Sterling Bank Services, and the Cennox Group, another fantastic operations hub in the USA, to partner with those already in California and Montana. By acquiring Bankers Exchange, Sterling strengthens its capacity and geographic presence to implement excellent service for financial, security, and operational equipment needs.
Clive Nation, CEO of Cennox commented, “Bankers Exchange are an exciting Parts Business, one which shares many of the characteristics and synergies we look to when considering forming a partnership or an acquisition. Bringing in-house their skills and enthusiasm for Parts selling and developing their inventory will certainly lead to an attractive upscaling opportunity that the whole Group will benefit from.”
Nick Cockett, CEO of Sterling Bank Services, heralded a new era in Parts related services. “Sharing the news of Sterling Bank Services acquisition of Bankers Exchange, will be exciting news for our customers, suppliers and colleagues across the Group. Sterling has undertaken a number of bold, strategic and creative decisions over the past 24 months. These have delivered growth in key areas and enabled our teams across the United States to provide a fuller and more rounded service offering for our customers”.
Boston-based Tremont Capital Group advised Bankers Exchange and Banyan Investment Partners, its owner, and helped facilitate the deal. “This transaction was a great fit for both the buyer and the seller,” said Sam M. Ditzion, CEO of Tremont Capital Group, which advised the seller on the deal. “This deal makes good strategic sense for all parties, and I expect to see continued consolidation of the ATM parts and services industry.”
Bankers Exchange will continue to operate under that name but as a Sterling Bank Services company, within the wider Cennox Group.