Access Cash buys Canada’s EZEE ATM

TORONTO — Access Cash General Partnership, a private-equity-investors group, has acquired Canada's EZEE ATM LP from Newport Partners Income Fund. According to a news release, proceeds from the deal totaled CAN $36.5 million (U.S. 33.2 million). Proceeds from the all-cash transaction have been used by Newport Partners to reduce debt. Newport Partners made its initial investment in EZEE ATM in March 2004. Since then, EZEE has returned a total of CAN $14.7 million (U.S. $13.4 million) in distributable cash. "While there have been recent improvements in the operating results of this business, the nominal total return on the investment in EZEE has fallen short of our target range," said Peter Wallace, Newport Partners' president and chief executive. "We've determined that our invested capital can be more effectively deployed by... [read full story]