Pyramid Technologies, Inc., a Mesa, Ariz.-based manufacturer of proprietary and patented bill acceptors and currency validation equipment, was acquired by private equity investor Hanover Partners, Inc. The amount of the transaction was not disclosed. Pyramid Technologies manufactures equipment used in slot machines, vending machines and other equipment where currency is accepted without human attendants. Pyramid’s products currently support nearly 60 international currencies. Founded in 1994, Hanover Partners, Inc. is a private investment company that acquires smaller U.S.-based middle-market businesses with earnings of over $1.5 million.
With the transaction, Pyramid Technologies’ owners will retain a stake in the company, using additional capital to help with the firm’s growth plan. “It was very important for us to find a buyer that is committed to building upon Pyramid’s success,” said David Mays, founder of Pyramid Technologies. “Generational Equity helped us find a partner in Hanover that is focused on just that”
In May 2007, Pyramid Technologies retained Generational Equity to provide business valuation and exit planning services. Generational Equity assisted in identifying a buyer, securing a competitive offer and negotiating the transaction. “We marketed Pyramid to a tight-knit group of strategic buyers and private equity groups including international prospects due to the client’s large volume of foreign sales,” said Eric Sanderson, Generational Equity’s lead managing director for the transaction. Andrew Ford of Hanover Partners said, “We're excited to have completed the Pyramid acquisition. It’s a great company with an impressive product offering and international distribution channel. Pyramid is a continued example of our strategy of acquiring manufacturers of highlyengineered, proprietary products. We look forward to working with Dave Mays and the Pyramid team to continue the company’s tremendous growth, domestically and internationally.”
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