First American Payment Systems says an investor group led by the Ontario Teachers’ Pension Plan, with participation of members of First American’s management team, has reached an agreement to acquire the company.
First American is currently majority owned by the private investment firm Lindsay Goldberg.
“First American is at an exciting point in the company’s evolution, and we look forward to collaborating with our new financial partners to identify and pursue attractive opportunities to drive our next phase of growth—both through organic expansion and strategic acquisitions,” says Neil Randel, chairman CEO of First American.
The company provides electronic transaction processing services for more than 140,000 merchants throughout the United States and Canada.
The deal is expected to close in August. Terms of the transaction are not being disclosed.
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