Private equity firms Advent International and Bain Capital have agreed to acquire German payments service provider Concardis from its consortium of bank owners for an undisclosed amount.
Concardis is a joint venture of the German banking sector. The company, which is focussed on connecting retailers to credit card systems, offers card-payment terminals and payment technology for online merchants.
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Bain Capital Private Equity managing director Christophe Jacobs van Merlen said: “We have been following Concardis closely for some time and have been impressed by its growth and the management team’s strategic vision and execution abilities. By increasing investment in innovation, infrastructure and skills, we will help Concardis become the payments champion in the DACH region.”
Advent International managing director Jeff Paduch said: “We see a significant opportunity in the German market for a best-in-class merchant-facing proposition in payments. Concardis is the ideal platform to drive consolidation in the market, and we look forward to supporting the business with additional capital to achieve this.”
Concardis CEO Marcus Mosen said: “With Advent International and Bain Capital Private Equity, Concardis will have financially strong partners to support the continued growth and internationalization of the business. The payment industry is undergoing significant consolidation, and we want to be active participants in this process. Advent International and Bain Capital Private Equity consider Concardis to be the right platform for establishing a leading international payment service provider based in Germany.”
Concardis chairman of the supervisory board Andreas Martin said: “The successful sale of Concardis is a confirmation of the strength and sustainability of the company. The investment from leading global private equity firms such as Advent International and Bain Capital Private Equity is a vote of confidence in the long-term potential of the business and its employees.
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By GlobalData"With its new ownership Consortium, Concardis will remain an independent payment service provider, advancing its plans to expand internationally from its base in Germany.”
The deal is subject to certain conditions including approval by the Federal Financial Supervisory Authority and the German Federal Bank.
