Parthenon-backed Payroc buys merchant processing company Atlantic Merchant

• Jerry Savage and Bill Baker serve as co-founders of Atlantic Merchant
• Based in Boston, Parthenon Capital invests in the middle market
• The private equity firm was founded in 1998

Payroc, which is backed by Parthenon Capital, has acquired Raleigh, North Carolina-based Atlantic Merchant Services, a merchant processing company. No financial terms were disclosed.

Payroc is a global payments company.

Jerry Savage and Bill Baker serve as co-founders of Atlantic Merchant.

On the deal, James Oberman, CEO of Payroc said in a statement, “We’re extremely excited about the acquisition of Atlantic Merchant. Jerry and Bill have demonstrated their leadership in payments, and along with their network of sales partners and highly qualified team of customer service professionals will complement our growth strategy perfectly.”

Based in Boston, Parthenon Capital invests in the middle market. The private equity firm was founded in 1998.