York Capital makes strategic growth investment in Cennox
Summary
“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. 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. 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. Duff & Phelps, A Kroll Business, acted as the buyside investment banking advisor to Cennox and York Capital in the acquisition of Bancsource.