GTCR Acquires BankServ
GTCR has acquired the controlling interest in Bserv, the parent company of payments firm BankServ. The all-cash transaction is expected to close before the end of August and allows GTCR to recapitalise 100% with management in support of an ambitious growth plan. The value of the deal was not disclosed. BankServ will remain structurally unchanged by the acquisition, which will retain the existing management team while strengthening the company’s financial, backing especially for acquisition.
BankServ chief executive office (CEO) David Kvederis said: “This transaction will leave BankServ well-positioned to pursue aggressive growth opportunities, both through acquisitions and expansions to our product line.”