Tuesday, December 15, 2009
Navigation Capital Partners Acquires Prepaid Solutions USA
Navigation Capital Partners, an Atlanta-based middle market private equity firm, has announced that it has acquired the assets and associated liabilities of Prepaid Solutions USA via newly-formed entity Prepaid Solutions, Inc. (PPS). Prepaid Solutions USA was a division of West Suburban Bank (WSB), a Chicago area-based community bank and wholly-owned subsidiary of West Suburban Bancorp, Inc. WSB's Prepaid Solutions USA division was founded in 2001.
PPS is a payments company offering comprehensive prepaid/debit solutions for corporate America, self-banked and under-banked consumers. Solutions include payroll, general-purpose reloadable, performance, incentive, reward and gift. NCP has appointed Ken Goins and Eric Ohlhausen as the new CEO and CFO of PPS, respectively. Dan Grotto, the head of WSB's Prepaid Solutions USA division prior to the transaction, will serve as president of PPS. NCP partnered with Goins and Ohlhausen through the firm's Executive-in-Residence program to source the opportunity. NCP's Executive-in-Residence program is the firm's approach of identifying experienced leadership within an industry attractive for investment, and then searching for the right company to acquire as a team. The transaction also leverages NCP Operating Partner O.G. Greene's more than 20 years of payments industry experience including Skylight Financial, Inc., National Data Corporation and First Financial Management.