Brookside picks up Tellermate

Alice Murray
27 August 2014

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Brookside Equity Partners has invested in Tellermate, a maker of cash counting equipment.

Brookside led the buyout of Tellermate alongside the company's management, providing liquidity to founding shareholders.

US-based Brookside manages an evergreen fund, investing family capital. While financial details of the deal have not been disclosed, Brookside typically invests in companies with $15-150m revenues and EBITDA of $3-25m.

Debt
HSBC supported the deal with a £7m finance package, provided by the bank's Bristol-based leverage portfolio team. HSBC has been a long-term banking partner of Tellermate.

Previous investment
According to unquote" data, Tellermate received an £11m debt and equity package from Bank of Scotland Corporate Banking in August 2003.

Company
Established in 1981, Tellermate supplies customers across the retail, food service, grocery and finance industries with weight-based cash counting equipment designed to cut losses from tills and improve cash reporting. Customers include Boots, Staples, McDonald's, Burger King, Barclays and HSBC.

The company, which employs 80 people, is headquartered in Newport, Wales, with sales offices in the US, Germany, France and Spain.

Tellermate's electronic weight-based cash counting products include the T-ix, which was launched in 2009 and is designed for quick and accurate cash counting while reducing loss. The T-ice is currently being launched and is a smart cash drawer providing real-time cash counting.

People
Donald Hawks is managing director and president of Brookside. Paul Rendell is CEO of Tellermate. Stefan Gunn is relationship director for HSBC's leverage portfolio team.