SAfeTM LLC, an affiliate of Ranger American Armored Services Inc., announced its acquisition of the Puerto Rico assets operated by Sky Processing. The transaction makes SAfeTM the largest ATM operator in Puerto Rico.
The financial terms of the agreement and other details were not disclosed.
“This acquisition allows us to offer our current and future clients additional value-added products and services that complement our cash management and processing divisions,” said Juan Bravo, president of SAfeTM and Ranger American.
“The expansion of our ATM business increases our presence throughout the island and reaffirms our commitment to continuously find ways to further service our customers and community,” he said.
“Ranger has been an incredibly valued and loyal partner to Sky Processing for many years and will continue to take great care of all of our customers,” said Brad Zerman, president of Sky Processing, who will be retiring from the ATM industry to pursue other businesses.
“I will forever cherish all of the friends I have made in the ATM industry and in Puerto Rico and look forward to continued friendships and visits to the region,” he said.
Isaac Wechter, Sky Processing’s general manager for Puerto Rico, will now assume the role of VP Business Development of SAfeTM. Sky’s other staff will be retained by SAafeTM.
“With Ranger, we look forward to offering the same great service to all of our customers as well as a wide range of additional valuable offerings,” said Wechter.
Boston-based Tremont Capital Group, Inc., a firm that specializes in providing strategy consulting and merger & acquisition advisory services to the ATM industry, advised the seller in the transaction and facilitated the deal.
“This transaction was a phenomenal fit and outcome for both the Sky and Ranger teams, and their customers,” said Sam M. Ditzion, CEO of Tremont Capital Group.