Navigation Capital Partners (NCP), an Atlanta-based middle market private equity firm, 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-based community bank and wholly-owned subsidiary of West Suburban Bancorp.
NCP has appointed Ken Goins and Eric Ohlhausen as the new CEO and CFO of PPS, respectively. Dan Grotto, head of WSB’s Prepaid Solutions USA division prior to the transaction, will serve as president of PPS.
Larry Mock, managing partner of NCP, said: “With Goins, Grotto, Ohlhausen and the PPS management team, NCP is backing experienced leadership to take advantage of attractive opportunities in the rapidly-growing payments industry. Such an investment is representative of NCP’s continued, proactive strategy and the team dynamic behind our Executive-in-Residence initiatives.”
Mr Goins said: “The payments industry has grown rapidly over the last five years, and strong demand is expected to continue. With the partnership and involvement of NCP, PPS is poised to capitalize on opportunities to expand current relationships, enhance product offerings and enter new markets.”
Mr Panton said: “Market conditions and regulatory changes continue to shrink access to credit and contribute to the increased acceptance of alternative banking solutions such as the use of prepaid/debit solutions in place of checks or cash. NCP looks forward to a close collaboration with PPS as we work together to grow the business amid the current landscape.”
PPS is a payments company offering prepaid/debit solutions for corporate America, self-banked and under-banked consumers. It offers payroll, general-purpose reloadable, performance, incentive, reward and gift solutions.
