Cardtronics (NASDAQ:CATM) is bulking up.
After close of trading Monday, the Houston-based owner/operator of automated teller machines announced that it has acquired the assets of California's Merrimak ATM Group. Merrimak is described as specializing in ATM sales, transaction processing, and ATM managed services.
Although this transaction has already closed (it closed June 3), Cardtronics did not provide any detail on the acquisition's cost or on its new subsidiary's sales or profits. Cardtronics did note, however, that Merrimak services about 4,800 ATMs nationwide, making the size of its fleet approximately 7% that of Cardtronics' -- and potentially, achieving almost all of the 9% profits growth that analysts had expected Cardtronics to produce this year.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.