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New Owners fro MEI


April 29, 2008
By Canadian Vending Staff

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MEI Conlux, known in the vending and gaming world for their payment acceptance systems, has been sold to Bain Capital and Advantage Partners.

MEI Conlux, known in the vending and gaming world for their payment acceptance systems, has been sold to Bain Capital and Advantage Partners.

A former division of Mars Inc., MEI Conlux was a complimentary fit to the confection giant. But as both companies continue to focus on their core markets, it became evident that a split was necessary. Mars had purchased Conlux in 2003 and merged it with MEI to form the division.

Craig Lewis, a senior executive with MEI Conlux, said the Mars decision came from their need to raise capital to continue their own growth plan. The Bain and Advantage partnership, according to Lewis, will present MEI with the backing of “a top-drawer private equity firm” and a company with significant expertise in financing.
Lewis said the company is positioned for better access to capital for continued technological growth and development as the new owners have expressed interest in demonstrated growth of “unattended transactions.”

“We see this move as more resources coming our way,” he added.

Frank Fabian, MEI’s Canadian manager, said the company fully expects to continue with its distribution base and “no changes to our service base in Canada.”

“This positions us for significant growth and gives us the opportunity to invest more aggressively in new segments and geographies,” said MEI Conlux president Mike Hayes.

MEI Conlux has the world’s largest installed base of unattended payment systems, handling over one billion cash transactions every week. The company has over 750 associates worldwide, reaching over 90 countries, with manufacturing centres in Japan, Mexico and Switzerland.