STRATEGIC PARTNERS
April 16, 2003
FORT WORTH, Texas -- First American Payment Systems, L.P., a merchant credit card processing acquirer that also has ATM deployment and leasing divisions, has partnered with Lindsay Goldberg & Bessemer L.P. of New York to secure an undisclosed amount of private equity funding.
According to a news release, the investment is "significant" and will support First American's strategic initiatives for growth.Neil Randel, First American's president and chief executive, said in the release that the funds would be used to make acquisitions within the electronic transactions processing industry.
"Lindsay Goldberg & Bessemer has invested a significant amount of equity in First American to acquire shares from existing shareholders and to provide capital to fund future acquisitions as well as ongoing organic growth initiatives," said Adam Godfrey, a partner with Lindsay Goldberg & Bessemer, a private equity investment firm with more than $2 billion of capital.
Conifer Investments, LLC of Portland, Ore. served as advisor to First American on the transaction with Lindsay Goldberg & Bessemer.
According to the release, First American's divisions include national ATM deployment, Secur-Chex check processing services, FirstPay.Net e-commerce payment gateway and Merimac Capital point-of-sale equipment and ATM leasing. First American provides services for more than 30,000 merchants and approximately 1,000 ATMs nationally.
