Rock island has hired William Blair to advise on the deal, said PeHUB, citing two sources.
The firm bought the Peoria, Illinois-based ATM operator in 2010 and Welch’s owner Jeff Hewitt also owns a stake.
Welch currently has a network of 22,000 ATMs around the US.
Last month AltAssets reported that Rock Island had raised more than $90m for its second fund.
The Oak Brook, Illinois-based firm currently has $150m in committed capital under management.
It makes majority and minority investments in mid-market companies with an enterprise value of up to $100m, focusing on the manufacturing, distribution and service sectors.
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