Private equity firm Vector Capital has sold Tidel, a provider of technology-enabled smart safe solutions for businesses and financial institutions, to an affiliate of Graham Partners.
Terms of the transaction have not been disclosed.
Tidel is the market leader in providing innovative solutions to help customers streamline, protect and automate their cash management systems. In 2011, Vector acquired Tidel and subsequently worked with its management team to capitalise on favourable industry trends by leveraging the company’s No1 market position, unmatched distribution network and blue-chip retail customer base. Over the past four years, with the support of Vector, Tidel has undertaken significant growth and operating enhancement initiatives, including developing groundbreaking products, bolstering distribution partnerships, scaling operations and expanding its international presence.
“Vector has been an excellent partner to Tidel for the last four years, and together we have built a truly global and scalable platform,” says Gary Landry, CEO of Tidel. “During this time, we have invested meaningfully in sales and product development, and positioned the company for continued rapid growth and innovation.”
Alex Beregovsky, Managing Director at Vector Capital, says: “We are proud of what Tidel has accomplished over the past four years in partnership with Vector Capital. Together, we have identified and executed on opportunities for growth in this dynamic business sector by developing innovative technology solutions and strategically growing Tidel’s brand and global reach. Tidel is the most recent example of Vector’s success in finding and investing behind leaders in attractive and growing niche markets.”
Harris Williams & Co acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Tidel and Vector Capital.
