York Capital makes strategic growth investment in Cennox
York Capital Private Equity, York Capital Management’s private equity group, has made a strategic growth investment in Cennox, a global provider of integrated facilities-based services and solutions to a wide range of end-markets.
Founded in 2006, Cennox provides integrated services and solutions to the financial services, commercial, retail, and transportation industries. Cennox is an independent, multi-vendor service provider to cash automation machines and self-checkout kiosks. The company’s global operations span 1,500 employees that cover the United States, United Kingdom and mainland-Europe. Since its founding, Cennox has scaled through 15 acquisitions and consistent organic growth.
“We are thrilled to have the support of York Capital, as we continue to expand our business globally,” says Clive Nation, Founder and CEO of Cennox. “York’s industry knowledge, network and expertise will be highly valuable as we strategically expand our solutions and service offerings.”
“Cennox is poised for rapid growth in its markets under the continued leadership of Clive, Roy Dodd and Nick Cockett,” says Harish Nataraj, Managing Director at York Capital. “We are excited to partner with the founders of Cennox. Together, we are focused on driving value for customers, entering new markets, and executing on our M&A strategy.”
Cennox also recently acquired Bancsource, a leading nationwide equipment distributor and maintenance service provider to more than 700 US banks and retailers. The acquisition of Bancsource expands Cennox’s operations across the US, broadens its capabilities, provides an entrance into the smart safe market, and further builds on its extensive field service programs for customers.
Cennox is the third platform investment completed in the last twelve months by York Capital’s middle-market private equity fund, York Special Opportunities Fund III, LP, an USD800 million dedicated fund raised in April 2020. York Private Equity seeks to partner with founders and entrepreneurs to help facilitate and support organic and inorganic growth in industries such as financial services, business services, healthcare services, consumer/retail and industrials.
TM Capital acted as the sell-side investment banking advisors to Cennox and Lincoln International advised on the sale of Bancsource, as well as assisted in raising the financing for the acquisition. WhiteHorse Capital provided debt financing for the transactions in support of the overall M&A strategy. Duff & Phelps, A Kroll Business, acted as the buyside investment banking advisor to Cennox and York Capital in the acquisition of Bancsource.