US company takes major stake in NZ's Debitsuccess
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New Zealand global payment solutions provider Transaction Services Group has had a 'major' stake in the company acquired by a United States private equity firm.
Calera Capital partnered with Bolton Equities to acquire a major stake in the Kiwi company, which includes the Debitsuccess business.
No finacial details of the transaction have been disclosed.
The company specialises in recurring payment solutions across a wide range of industries, including technology leasing, security, telecommunications, education and childcare and franchisors/associations.
While the company is headquartered in New Zealand, it also has global operations in the United States and the United Kingdom.
Murray Bolton, Transaction Services Group chairman, says the deal supports the company’s focused growth strategy.
“The Calera Capital team shares our vision for the business and with their participation we have enhanced our ability to accelerate growth and boost our offering in international markets,” Bolton says.
The deal sees Calera gain representation on TSG’s board and Bolton says the reshaped board brings ‘broad operational and governance experience in the payment technology sector’ to the group.
Jim Farrell, Calera Capital managing partner says TSG ‘significant opportunities’ for further growth.
“We are committed to supporting them with the capital and resources needed to realise the substantial potential of this high quality enterprise.”
Earlier this year Debitsuccess teamed up with Cyclone Computers to provide parents and caregivers with tailored school payment plans to spread education payments across the year.