Rutland Partners' portfolio company Notemachine Ltd has acquired TRM (ATM) Ltd, the UK operations of TRM Inc. for £45.3m. Notemachine, formerly Scott Tod was delisted from AIM by Rutland in September 2006 and TRM is a complementary business involved in the deployment of ATMs in the UK and Germany. Rutland has invested £11m in Notemachine from the Rutland Fund to support the acquisition with the balance of the funding coming from a debt package provided by Barclays and Kaupthing Singer & Friedlander. This brings the total investment in Notemachine from the Rutland Fund to £22.2m.
Managing director Craig Ferguson discusses accelerated deployment activity during the pandemic and plans to scale up the PE allocation by 2025
Fund has a target of $600m, which it plans to reach by next year, according to Kommersant
Existing investors including Institut Català de Finances also take part in the financing
Biotech company initially raised €12m in December 2018