Private equity firm Advent International has agreed to purchase a majority stake in payments solutions provider Transaction Services Group (TSG).

The seller is middle-market private equity firm Calera Capital, who first invested in TSG in 2015.

The companies did not reveal the value of the transaction.

Advent partner Jeffrey Paduch said: “TSG represents a unique platform at the nexus of business management software and payments, which is well positioned for future growth.

“We are excited to support TSG to drive product innovation and further expand its geographical footprint.”

TSG serves a range of sectors such as healthcare, education, insurance, sports and entertainment.

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The business has presence in New Zealand that serves as its base as well as Australia and the UK. It launched in 1994,

The firm is said to have grown its revenue by more than double in the past three years.

TSG group CEO Steven Holmes said: “Advent’s distinguished track record in the payments and software space and global presence will be invaluable for TSG as we enter into the next phase of international expansion.”

In the last decade, Advent has invested $3.8bn in nine payment firms.

Earlier this year, the private equity firm acquired a 51% stake in Argentinian payments firm Prisma Medios de Pago.