Payment solutions provider Payzone is to be acquired by a newly-formed joint venture from by AIB Group and First Data Corporation from private equity firm CCI. The joint venture is expected to net €100 million for share holders.
CCI, the private equity fund established by The Carlyle Group and Cardinal Capital Group, acquired a majority shareholding in Payzone in March 2015 and the company has grown strongly during the four years of CCI ownership. CCI worked closely with the management team to diversify the business and develop the company into a multichannel payments provider, employing 90 people.
Today Payzone’s technology solutions allow both large and small Irish businesses to accept payments in store, on the road, over the phone, and through a website or app. The company processes 125 million transactions annually for more thanb 100 client companies and operates Ireland’s largest retail payments network with some 11,500 points of sale throughout the country.
The senior management team will be unaffected.
“This development is a positive step for Payzone and a vote of confidence in the future of the business,” said Jim Deignan, chief executive, Payzone Ireland. “We see significant opportunity to grow our footprint in the fintech sector and this can only be enhanced further with the backing and support of our new shareholders, who bring deep industry expertise to make things happen. The team at Carlyle Cardinal Ireland, which originally invested in Payzone in 2015, has worked very successfully with us to help develop the business and to support our continued growth. We thank them for their great support and investment over that period.”
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