Mount Prospect, Illinois – SUZOHAPP announced today that it has completed the acquisition of the primary currency and cashless product lines of Coinco, a world leader in the design and manufacturing of payment solutions for the Vending industry, based in St. Louis, Missouri.
Founded in 1958, Coinco led the way in product development, providing the market with a wide range of value-added payment solutions, including its well recognized coin changers, bill acceptors, card readers and cashless technology. Some important new offerings will be added to the SUZOHAPP portfolio, such as the Vantage VR6 note recycler and the iris line of cashless systems.
The strength of the Coinco brand has led to significant success in the U.S. market. SUZOHAPP hopes to recreate that success in the international markets by leveraging its significant resources and global footprint, especially in Europe, where SUZOHAPP has a thriving Vending business.
Service in N. America of the entire Coinco product line will continue to be provided by the existing Coinco service network, which will continue to be operated by Coin Acceptors Inc.
“This acquisition of the Coinco product lines is an important one for SUZOHAPP, allowing us to provide our Vending customers a more complete, technology-driven global product offering. Under the leadership of Jack Thomas, Coinco earned a strong reputation in the marketplace for delivering innovative and reliable payments solutions. We look forward to carrying on that legacy,” said Drew Scielzo, SUZOHAPP CEO. “We welcome the Coinco team to the SUZOHAPP group.”
As part of the acquisition, SUZOHAPP has also hired key commercial, engineering and operational employees from Coinco in order to provide excellent support to all new and existing customers.
One of these key commercial employees is Ron Manne, SUZOHAPP’s new Vice President of Sales & Marketing for the Coinco brand. “We are excited to become part of the SUZOHAPP group and we look forward to contributing to the company’s future growth and continued success,” said Manne.
About SUZOHAPP
SUZOHAPP is a technology company providing software and hardware for cash handling automation and self-service solutions to more than 25,000 customers throughout the world. SUZOHAPP’s technology enables automation for customers operating in a variety of end markets, including retail, transportation, gaming, banking, vending and amusement. SUZOHAPP’s solutions include cash deposit, recycling, processing and payment systems as well as a broad range of self-service component technologies. The brands of SCAN COIN, Comestero and CashComplete™ are united under the SUZOHAPP Company. SUZOHAPP’s more than 1,100 employees operate in 19 countries and its dealer network covers more than 100 countries. More information is available at www.suzohapp.com. SUZOHAPP is owned by affiliates of ACON Investments, L.L.C., a Washington, D.C.- based international private equity investment firm that has responsibility for managing approximately $4.4 billion of capital. For more information, visit www.aconinvestments.com.
