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Coinstar to Buy ACMI for $235m
Coinstar Inc., a market leader in self-service coin counting, yesterday announced a definitive agreement to purchase American Coin Merchandising Inc. (ACMI) and its parent company, ACMI Holdings Inc., for $235 million in cash. ACMI, operating as SugarLoaf Creations, is a leading owner and operator of coin-operated amusement vending equipment in the United States, with more than 167,000 machines in over 18,000 locations. ACMI is one of the largest vendors of plush toys in the United States with a product line consisting of skill crane machines, bulk vending, kiddie rides and video games. The company distributes its equipment to mass merchants, supermarkets, warehouse clubs, restaurants, entertainment centers, truck stops, and other distribution channels. Combined, Coinstar and ACMI will have over 40,000 distribution points. "We are very excited about the acquisition of ACMI. We believe that the combined companies will diversify Coinstar's business and greatly benefit shareholders," said Dave Cole, Chief Executive Officer of Coinstar Inc. "ACMI is a leader in self-service amusement vending with an extensive distribution network, a strong and growing revenue stream and a customer-focused culture. The combined strengths of the two companies will allow us to penetrate new classes of trade and provide retailers with a single source for a range of front-end consumer services."
"We are delighted to be joining forces with Coinstar and see great value in their technologically advanced network and established retail relationships," said Randy Fagundo, Chief Executive Officer of American Coin Merchandising Inc. "Tremendous opportunity exists as we combine our areas of expertise and leverage our ability to cross-sell products into a broadened customer base." The combination of ACMI and Coinstar will add new classes of trade, broaden its customer base, diversify products and services, expand the reach of field service, and create a platform for growth across all businesses, including coin counting, e-payments, and amusement vending.
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