GRG benefactor supports Triton ATM purchase
A mystery Asian investor is said to have agreed to fund the unprofitable ATM operator GRG International in the purchase of the US-based manufacturing business Triton.GRG told the ASX yesterday that it had agreed to buy Triton Systems of Delaware and its holding company for US$25 million.This is more than three times the price the vendors paid for Triton when they acquired it from Dover Corp in mid-2010, according to a report at the time by ATM Marketplace, though the final price was never confirmed.GRG said Triton was "projected to increase" its annual revenue by US$55 million, its profit by A$6.3 million and its assets by A$25 million.To fund the takeover, GRG said it "arranged 100 per cent debt funding through an Asian-based private equity fund." It did not identify the financier.It said the loan would be for five years and be interest-only.GRG had only A$900,000 in cash at June 30. Net tangible assets at balance-date were A$2.3 million. It has a market capitalisation of A$6.5 million.