MESA, AZ — Hanover Partners Inc. has acquired Pyramid Technologies, a fast-growing manufacturer of currency validators for vending, amusement and gaming equipment. Pyramid was founded here in 2001 by David Mays. Terms of the transaction were not disclosed.

Mays, who continues to own a substantial stake in the company, hailed the acquisition. "Pyramid had reached a point where I needed to take on a partner in order for the company to continue its growth," he explained.

Hanover Partners, which maintains offices in San Francisco and Oswego, OR, financed the deal largely through Tuckerman Capital (Hanover, NH). Hanover's ability to turn to Tuckerman for both debt and equity financing helped expedite the all-cash transaction. Pyramid Technologies fits Hanover's criteria for acquisition, which call for a candidate to be a U.S.- based company with stable customer relationships, engaged in or serving industries with above-average growth prospects.

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