GREENWICH, Conn.--(BUSINESS WIRE)--Littlejohn & Co., LLC (“Littlejohn”) announced today the sale of Tidel, a leading provider of cash automation technology, to Sesami Cash Management Technologies Corporation (“Sesami”), a tech-enabled cash ecosystem solution integrator that will operate as an independent entity of Garda World Security Corporation (“GardaWorld”), one of the largest security companies in the world. Terms of the transaction were not disclosed.
Founded in 1978 and based in Carrollton, Texas, Tidel is the leading supplier of smart safe and cash recycling solutions in North America. Tidel’s products are used to automate cash handling at businesses and organizations that accept cash, such as quick-service restaurants, convenience stores, grocers, money service businesses, healthcare providers, and general retailers. Tidel’s products offer compelling economics for all participants in the cash management ecosystem, including retailers, cash-in-transit providers, and financial institutions. Littlejohn acquired Tidel in March 2017.
Tony Miranda, Managing Director at Littlejohn, stated, “We are pleased to have reached a successful outcome for our investors. In Tidel we saw a unique opportunity to invest in a world-class, yet misunderstood, asset on the precipice of significant growth. Tidel remains the clear market leader in a relatively unpenetrated niche, with secular drivers such as resilient cash usage and increasing labor costs expected to continue to drive significant adoption of its automation technology. Working closely with CEO, Darren Taylor, we made significant investments in the business’ engineering capabilities and service resources, expanded the company’s sales force, launched several new products, and successfully entered into the cash recycling market – all of which contributed to Tidel doubling in size over our ownership period. We want to thank the entire Tidel organization for their tireless efforts and wish them continued success as part of Sesami.”
Darren Taylor, President and Chief Executive Officer of Tidel, added, “Littlejohn has been a tremendous strategic partner for our business. They have supported our efforts to meaningfully invest in the business and provided guidance as we have executed on our numerous growth initiatives. We look forward to continuing our journey as part of Sesami, a newly created cash ecosystem performance and technology company.”
Robert W. Baird & Co. served as exclusive financial advisor and Gibson, Dunn & Crutcher LLP served as legal advisor to Tidel.
About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments in middle-market companies. With approximately $14 billion of regulatory assets under management, the firm seeks to build sustainable success for its portfolio companies through a disciplined approach to engineering change. For more information about Littlejohn, visit www.littlejohnllc.com.
About Tidel
Headquartered outside of Dallas, TX, Tidel is a leading provider of cash management solutions that empower retail institutions across the globe to better manage their daily cash operations, reduce risk, and increase profits. Since 1978, customers have relied on Tidel to provide the most innovative and reliable solutions that help secure, optimize, and streamline their cash environment. For more information about Tidel, please visit: www.tidel.com.