ITPS Completes Acquisition of BA Merchant Services Independent Sales Channel.
LOUISVILLE, Ky. -- Iron Triangle Payment Systems ("ITPS") and GTCR, one of the nation's leading private equity investment firms, have closed their previously announced acquisition of the Independent Sales Organization ("ISO") merchant acquiring businesses of BA Merchant Services ("BAMS"). In addition, ITPS and GTCR acquired the National Processing Company and NPC brand names from Bank of America. In conjunction with the transaction, ITPS has been renamed National Processing Company ("NPC").
As a result of the transaction, NPC will now represent the combined operations of the assets acquired from BA Merchant Services and Retriever Payment Systems ("Retriever"), which had been the sole operating subsidiary of ITPS. NPC will continue to support multiple brands in the market, including Retriever and the registered marks of its ISO clients. Based upon the number of merchants served, the combined business will rank as the 6th largest merchant acquirer in the United States and process more than $25 billion in purchase volume.
Tom Wimsett, CEO of NPC and Retriever, commented, "We are very excited to close this transaction. Our combined operations represent the largest merchant acquirer focused on serving the ISO channel, and I believe the application of best practices across the businesses will drive even higher levels of service for all of our ISO partners. In addition, we are thrilled to welcome Randy Sagar and his team from BAMS to the new National Processing Company."
Prior to partnering with GTCR, Wimsett spent more than 19 years at National Processing Company, then an NYSE-traded company, before it was acquired by BAMS. During that time Wimsett led the development of the ISO business being acquired through this transaction. In combination with Retriever, the acquired assets will constitute the reemergence of NPC as an independent company.
Collin Roche, Principal of GTCR, commented, "We are thrilled to close this transaction and to move forward in partnership with Tom Wimsett and his team in launching and building the 'new' NPC. Partnering with exceptional senior executives to develop leading businesses is the core of our strategy, and the opportunity to work with Tom and his team to acquire a business they previously built and managed is extremely exciting."
"We are committed to providing ISO's and merchants with the best service and strongest products in the payments industry," added Wimsett. "In partnership with GTCR, we have established ourselves as one of the nation's leading merchant acquirers. We look forward to continued growth and success as the National Processing Company."
About National Processing Company
Based in Louisville, Kentucky, NPC is the largest provider of payment processing services exclusively focused on small and medium sized merchants in the United States, and the leading merchant acquirer focused on the ISO segment. NPC provides its sales groups with unparalleled focus and support through industry-leading talent and technologies.
Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at www.gtcr.com.
About BA Merchant Services
BA Merchant Services is part of Bank of America and is responsible for providing card processing services to more than one million merchant locations. Headquartered in Louisville, Kentucky, BA Merchant Services has been a leader in the industry for more than 30 years. One out of every five Visa and MasterCard transactions in the U.S. is processed by BA Merchant Services.
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|Date:||Oct 10, 2006|
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