Bain Capital, Advent close to buying German payment group ConCardis for €700 mn

Private equity firms Bain Capital and Advent are nearing a deal to buy German payment group ConCardis GmbH for about €700 million (£598 million pounds), Reuters yesterday reported, citing three people familiar with the process.

ConCardis is owned by a consortium of German lenders, including Deutsche Bank, Unicredit and Commerzbank.

Founded in 2003 and based in Eschborn, Germany, ConCardis provides debit and credit card payment transaction services in Germany, Switzerland, Austria, and the Benelux.

Its portfolio includes point of sale solutions in face-to-face retailing aspects; e-payment solutions for e-commerce and mail/telephone order; contactless payment solutions; mobile payments; additional functions, such as dynamic currency conversions; online shopping solutions; and solutions for small and medium-sized companies.

ConCardis provides its services for around 110,000 customers at 210,000 locations and with more than 470,000 connected terminals.

ConCardis posted core earnings of €33.9 million on sales of €480 million last year.