Bancsource acquired by private equity firm CapitalWorks
CLEVELAND, OHIO–Cleveland private equity firm CapitalWorks, LLC, announced today it has acquired majority ownership of privately-held banking technology services provider Bancsource, Inc. based in Republic, Missouri. Bancsource provides maintenance services and sales of cash cycle equipment including ATMs, smart safes, scanners and other equipment for financial institutions and retailers nationwide.
Bancsource provides a high level of service in an industry that demands high quality, said CapitalWorks Managing Partner Dick Hollington. With its client-centric approach combined with industry dynamics which are opening opportunities to independent technology service providers, Bancsource is well-positioned to assist its client-partners and continue to grow.
We plan to invest in and grow Bancsource, he said. We believe in the industry and the company s position as vendor independent and client focused.
CapitalWorks invests in mid- and lower mid-market firms in collaboration with investors with experience managing or owning companies in related industries. CapitalWorks led the recapitalization of Northeast Ohio regional bank Parkview Federal Savings until selling its share 15 months ago.
Bancsource services all major OEM equipment for mission critical customer systems including ATMs, smart safes, drive-up systems, vaults and sorters. Â The company is the largest ATM and branch automation reseller for Nautilus Hyosung and sorter technologies reseller for NCR.
Bancsource (Bancsource.net) is a nationwide equipment and maintenance service provider to more than 1,500 banks and retailers for ATM s, smart safes, teller cash dispensers, teller cash recyclers, bank scanners and other banking technology. Bancsource is located in Springfield, Missouri.Â Bancsource is a CapitalWorks portfolio company.