Sidereal Capital Group, LLC Launches Payment Solutions and Services Platform
SUMMIT, N.J. (PRWEB) August 20, 2018 -- Sidereal Capital Group, LLC announced that it has partnered with industry veteran, Larry McCarter, to consolidate three industry-leading payment solutions and services companies – Qwinstar Corporation, 3 Point Alliance Canada Inc., and CashTech Currency Products Inc. – within an integrated platform. Operating under the Qwinstar name, this combination creates one of the largest, independent, cross-border technical service providers for financial institutions, banks, retailers, cash in transit, and gaming companies in the U.S. and Canada.
Qwinstar provides parts, supplies, implementation and maintenance services for a comprehensive portfolio of client solutions including cash automation, intelligent safes, bank branch automation, remittance processing, printing and high-speed document imaging equipment. With advanced diagnostic software and multi-vendor training, the company’s highly-skilled technicians are equipped to provide specialized 24/7 service on a variety of platforms such as IBM, NCR, Burroughs, Glory, and IBML, among others, in over 75 metropolitan areas.
Incoming President and CEO, Larry McCarter, is a proven leader who brings over 30 years of industry experience in key leadership roles across multiple functional areas including, supply chain management, operations, sales support, and finance. Most recently he served as President and CEO of Burroughs, Inc.
Ocean Avenue Capital Partners, L.P. invested alongside Sidereal and Mr. McCarter in the transaction while senior debt financing was provided by KeyBank, N.A. Stevens & Lee, P.C. advised the buyer group and Paramax Corporation acted as the exclusive financial advisor to Qwinstar Corporation and 3 Point Alliance Canada Inc. on the transaction.
About Sidereal Capital Group, LLC
Sidereal Capital Group, LLC is a private equity firm that invests in lower middle market companies operating within niche segments of specialty manufacturing and industrial services. Over the years, we have developed a deep expertise in partnering with the management teams of historically under-resourced businesses and providing strategic guidance, financial acumen, growth capital, analytical rigor and operational support to drive organizational transformation, increase scale, and maximize value. For more information, please visit http://www.siderealcapital.com.
About Ocean Avenue Capital Partners, L.P.
Ocean Avenue Capital Partners, L.P. (http://www.oceanavenuecapital.com) is a Santa Monica, CA based private equity firm that partners with sponsors to invest in small businesses and/or complex situations.
Kenneth Bryant, Sidereal Capital Group, LLC, http://www.siderealcapital.com, +1 (917) 912-1248, [email protected]
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