Bain Capital, Advent to buy Concardis for 700 million euros, say sources: Reuters

Private equity firms Bain Capital and Advent are close to buying German payment group Concardis for about 700 million euros (598.3 million pounds), three people familiar with the process told Reuters on Friday.

Concardis offers card payment terminals as well as payment technology for e-commerce groups and is viewed as a non-core business by its key owners.

With a 16 percent stake, Deutsche Bank (DBKGn.DE) is the group’s largest shareholder, while smaller stakes are held by Commerzbank (CBKG.DE), Unicredit (CRDI.MI) as well as savings and cooperative banks.

Concardis is hoping a new owner will invest in new technologies and an expansion of its business, which is so far heavily reliant on Germany.

Last year, Concardis posted core earnings of 33.9 million euros on sales of 480 million euros last year.

Concardis and Advent declined to comment.

Bain Capital was not immediately available to comment.