Summit-based Sidereal Capital Group announced Monday it has partnered with Larry McCarter to consolidate three payment solutions and services companies — Qwinstar Corp., 3 Point Alliance Canada Inc. and CashTech Currency Products Inc. — and launch an integrated platform.
The trio of companies will operate under the Qwinstar name. The newly-combined company is one of the largest technical service providers, it said.
Qwinstar provides parts, implementation and maintenance services for cash automation, intelligent safes, bank breach automation, remittance processing, printing and high-speed document imaging equipment and more.
McCarter, who has more than 30 years of experience in finance, supply chain, operations and sales, is serving as Qwinstar’s new CEO and president. Most recently he served as CEO and president of Burroughs Inc.
Ocean Avenue Capital Partners L.P. invested as well as Sidereal and McCarter in the deal, while debt financing was provided by KeyBank N.A.
Stevens & Lee, P.C. advised the buyer group and Paramax Corp. was the financial advisor to Qwinstar and 3 Point Alliance Canada Inc.