Summit bets big on gambling ATM network

The Boston-based growth equity specialist has recapitalised Global Cash Access, a Las Vegas company that provides ATMs and other services to the ‘gaming industry.’

Summit Partners has announced a $316 million (€263 million) investment in Global Cash Access, a provider of cash access, transaction processing and marketing services to the global gambling industry.

Tudor Ventures co-invested in the transaction.

The transaction involved the sale of an undisclosed partial ownership stake in the company by M&C International.

Global Cash, with annual revenue of roughly $400 million, provides services to approximately 960 ‘gaming’ businesses in the US, Canada, the Caribbean and the UK, according to a press release.

The company provides means for gambling patrons to continue gambling – ATMs, check cashing and money transfers. It also owns Central Credit, which underwrites ‘markers,’ or patron credits.

Prior to March 2003, Global Cash was owned by First Data, with M&C as a minority owner. A leveraged recapitalisation resulted in M&C owning the company.

Global Cash will continue to be run by CEO Kirk Sanford.

Summit Partners maintains additional offices in London and Palo Alto, California.

Tudor Ventures is the venture capital arm of Tudor Investment.