Coges, based near Vicenza, Italy, started in the mid ‘70s in design and production of payment systems. It gradually focused on cashless systems for automatic vending machines, becoming European market leader. 2004 revenues of € 17 million with Ebitda of 33%.

Azkoyen, is listed in Madrid and has several lines of business in the vending market, from payment systems to machines and product distribution. 2004 revenues of € 125 million with net profit of € 7 million. The share price increased by 42% in 2004.

With the acquisition of Coges, Azkoyen becomes one of the major European players in payment systems for vending and games, with more than € 50 million revenues in the segment.

Cross Border, because of its leadership in the vending market, was retained by the sellers in the selection of financial and industrial buyers. Synergies and growth potential in Europe led Azkoyen to win the auction process. With our help, the shareholders of Coges maximised the value of their investment beyond their initial expectations. In addition, the son of the founder was retained to run the entire payment system division at Azkoyen.