XPS Group provided sell-side advisory services on behalf of Cashline for the sale of 100% of its 830 Automated Teller Machines and associated business contracts and assets to DirectCash Income Fund (TSX:DCI.UN) for proceeds of $16 million plus vault cash in July of 2010. Cashline, based in Victoria, BC, was founded in 1997 by Steve Clark, co-founder of Money Mart. Known for its commitment to service and support, Cashline held a very profitable portfolio of ATM’s with transaction volumes above the Canadian average. XPS Group assisted Cashline in a number of capacities over a two-year period leading up to the ultimate sale to DirectCash. Services provided included business valuation and pricing analyses, industry research, preparation of marketing documents for a sale, contacting strategic acquirers, assistance with negotiating acceptable terms of a deal, and facilitating the due diligence process.
Steve Clark, President of Cashline Inc., says “We were very fortunate to have the calibre of knowledge and experience that XPS Group have locally on the Island. Mark and his people supported us in so many ways from the very beginning of the process, when we first considered the sale with valuations and a solid sounding board through to negotiations and an eventual closing. Credibility, breadth of knowledge and experience are an essential component to negotiating and completing a transaction of this size.”