Carlyle Cardinal acquires Payzone Ireland

The deal follows the sale of other Payzone subsidiary Cashzone to US-based ATM services provider Cardtronics for £107.5m in August 2013. Payzone also sold off its Swedish and Greek businesses, leaving Payzone UK and Payzone Romania as the two remaining businesses in the Payzone Group.

Previous funding
Duke Street acquired a 69% stake in Payzone Group in February 2010, when the company was listed on AIM. The €104m deal saw the value of previous backer Balderton Capital's stake wiped out. Duke Street paid €45m for a majority stake, while the company's lenders – BNP Paribas, Rabobank, AIB, Bank of Scotland, RBS and Abbey National – took a 16% stake.

Company
Payzone was formed in 2007 through the merger of Irish e-payments group Alphyra and UK ATM operator Cardpoint.

The Irish business has a network of 7,000 retailers, which process electronic transactions including mobile phone top-ups, debit and credit card transactions, motorway toll payments, local property tax, parking fees, utility and parcel collection.

The company is based in Dublin and employs 70 people.

People
Duke Street partner Charlie Troup led the deal. Mike Maloney is CEO of Payzone Group and is managing director of Payzone Ireland. Peter Garvey is director of Carlyle.

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• Topics
• Exits
• UK / Ireland
• Buyouts
• Duke Street
• Carlyle Group
• Ireland