Business Growth Fund, which was set up by UK-based banks, has invested £3m (€4.7m) in the Cennox group of companies, which include ATM Parts and Mainet, providing services to cash machines.
Cennox was founded in 2004 by Clive Nation. Cennox’s customers include Barclays, HSBC, Nationwide, IBM, Bank Machine, Loomis and G4S.
Cennox has developed and patented a security device which prevents skimming from payment terminals. It works by detecting a range of fraudulent activities and reporting the threat level to the operator and to financial institutions.
Paul Oldham of BGF, said: "Cennox is an exciting business in a high growth sector offering a broad range of specialist ATM services. It is a market leader and its innovative approach has led to the development of unique new products including the anti-skimming device, which prevents fraud and has the potential to achieve significant market share. The highly capable management team has extensive experience in the sector and we are looking forward to working with Clive and the management team to make a great British business an international success story."
Osborne Clarke, Crowe Clark Whitehill and Latitude Partners advised BGF.
Shoosmiths and Baker Tilly advised Cennox.