ardtronics is the largest independent owner and operator of ATMs in the United States, and appears to have no intention of slowing down its growth. On March 7, 2005, the company announced it received $75 million in investment money from private equity and buyout firm, TA Associates.

Founded in 1989, Cardtronics has a nationwide network of approximately 25,000 ATMs. Its clients include some of the country's largest chain retailers and other businesses. It dispensed more than $6.5 billion in 2004 and processed more than 111 million transactions. Cardtronics' revenues grew from $45 million in 2001 to $195 million in 2004.

"This investment positions Cardtronics to achieve its future growth initiatives and we are thrilled to have TA Associates join as a private equity investor in our business," said President and Chief Executive Officer Jack Antonini.

TA manages $6 billion in capital and invests in rapidly growing businesses across a number of industries, including financial services and financial technology. This investment was a good fit with its own strategy, according to Michael Wilson, a Managing Director at TA.

"[Cardtronics] is a profitable, rapidly growing leader in its market with a strong management team," he said. "We see a tremendous opportunity to continue their organic growth strategy of adding ATMs at leading retailers across the country as well as an aggressive acquisition strategy both domestically and internationally."

Under the terms of the agreement, TA will be a "significant non-control investor in Cardtronics," Wilson said. Two seats on the Cardtronics' Board of Directors will go to Wilson and Roger Kafker, also a TA Managing Director.

Wilson indicated, however, that the "day-to-day operations will remain under the able control of Antonini and his team."

The TA investment follows several recent strategic expansions for Cardtronics. Beginning in May 2001, the company acquired eight ATM portfolios, including that of E*TRADE Access Inc. in June 2004. It also had announced an IPO in March 2004 to raise $115 million in capital.