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Cleveland-based Vendors Exchange International has acquired American Vending Machine, according to a report by Vending Times. The combination of the companies, along with the additional operating site, will allow Vendors Exchange to better serve its customers by generating shorter lead times and more cost-effective solutions.

AVM’s St. Louis facility will provide added manufacturing space and a highly skilled workforce. Andy Hayes, owner and founder of AVM, a remanufacturer and supplier of equipment and parts to the vending industry, will remain with the combined company and continue to serve the existing customer base while leading new growth initiatives, according to the report.

"I am excited about the acquisition," Vendors Exchange CEO Matt Shene told Vending Times. "The ability of a company to serve its customers starts with its employees. Andy is an energetic leader with a wealth of industry knowledge. He and his team will bring an added element to VE. I am looking forward to working together as we continue to drive toward our goal of better serving the industry."