First American Payment Systems LP has agreed to be bought by an investor group led by Ontario Teachers’ Pension Plan. Members of the company’s management team will also participate in the acquisition, whose financial terms were undisclosed. The seller in the deal is U.S. private equity firm Lindsay Goldberg, which originally invested in First American in 2003. According to a recent report from peHUB‘s Luisa Beltran, there have been repeated attempts in the past few years to sell the company. Based in Fort Worth, Texas, First American is a payment processor that provides electronic transaction processing services to merchants. Its sale is expected to be completed in August.
First American Payment Systems to be acquired by group led by Ontario Teachers’ Pension Plan
Fort Worth, Texas (PRWEB) July 18, 2014
First American Payment Systems (First American), a leading North American provider of electronic payment processing services, is pleased to announce that an investor group led by the Ontario Teachers’ Pension Plan (Teachers’), with participation of members of the First American management team, has reached an agreement to acquire the company. First American is currently majority owned by the private investment firm Lindsay Goldberg.
Neil Randel, Chairman of the Board & Chief Executive Officer of First American, said, “First American is at an exciting point in the company’s evolution, and we look forward to collaborating with our new financial partners to identify and pursue attractive opportunities to drive our next phase of growth – both through organic expansion and strategic acquisitions.”
Closing is expected in August and terms of the transaction are not being disclosed.
About First American Payment Systems
First American Payment Systems, L.P., based in Fort Worth, Texas, is a payment processor that provides comprehensive electronic transaction processing services for more than 140,000 merchants throughout the United States, and in Canada through its Canadian subsidiary, iATS Payments. In addition to credit, debit, and EBT card processing, First American offers a complete line of proprietary business solutions, including 1stPayPOS® tablet-based point-of-sale system, M+Terminal® mobile solution, Secur-Chex® check services, FirstAdvantage® gift cards, FirstPay.Net™ e-commerce solutions, FirstFund® ACH software, Govolution® government e-payments, national ATM sales, and Merimac Capital® point-of-sale equipment and ATM leasing. For more information on First American, visit http://www.first-american.net. To learn more about iATS payments, visit http://www.iatspayments.com.
With C$140.8 billion in net assets as of December 31, 2013, the Ontario Teachers’ Pension Plan is the largest single-profession plan in Canada. An independent organization, it invests the pension fund’s assets and administers the defined benefit pensions of 307,000 active and retired teachers in Ontario. For more information, including our annual reports from 2013 and previous years, visit http://www.otpp.com. Follow us on Twitter @OtppInfo.
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