Cennox... cash dispensed

RSM’s M&A and private equity team has successfully complete its first transaction with the Business Growth Fund (BGF) following their £3m investment in Cennox Plc, the specialist ATM services group.

The client

Founded in 2004 by Clive Nation, Cennox has grown organically and through acquisition to become a highly respected international services provided to the ATM industry, trading under two main businesses: ATM Parts and Mainet. ATM Parts is a leading global supplier of parts for ATMS, including its patented security device that combats skimming from payment terminals. Mainet’s services include ATM installation and brand management solutions.

BGF’s £3m equity investment will enable the group to fund working capital, invest in additional staff and step up its international operations.

What RSM did

RSM was appointment by Cennox to lead the fundraising process and secured five equity offers before negotiating the deal with BGF.


'We were still in turnaround mode when we decided to raise growth capital, which presented some challenges, but RSM insight and expertise were invaluable in shaping the opportunity for investors. This, combined with their knowledge of the private equity community, meant that we only presented to the right investors and received five great offers.'

Clive Nation, CEO, Cennox

Transaction team

Kirsty Sandwell, Partner

Angus Miller, Associate Director

Lucy Quinn, Associate

Gemma Legg, Executive