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Advent and Bain agree deal to buy Concardis

13 January 2017  |  7597 views  |  0 cash

Advent International and Bain Capital Private Equity are to acquire German payment processor Concardis from its consortium of bank owners.

Originally focused on connecting retailers to credit card systems, the thirty year old company has recently been expanding its suite of services across the payments value chain to cover new developments in mobile and e-commerce for its 110,00 merchant customers.

Over the past two years, Concardis has grown its transaction volume by 19.1% from €35.2 billion to €41.9 billion. In 2015, the firm posted a net profit of €24.2 million on sales of €480 million.

Concardis sits in the same territory as Worldpay and Nets, each of which have recently provided spectacular exits for Bain and Advent on the public markets.

Christophe Jacobs van Merlen, a managing director at Bain comments: “We have been following Concardis closely for some time. By increasing investment in innovation, infrastructure and skills, we will help Concardis become the payments champion in the DACH region (Germany, Austria and Switzerland).”

Terms of the transaction have not been disclosed, although it's understood Concardis' owners were looking for a figure around the €500 million mark.

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