Nordic mid-market private equity investor Reiten & Co, along with management and CapMan’s Finnmezzanine III funds have sold EuroProcessing International ASA (EPI) to First Data Corporation for E100m. Reiten achieved an IRR of over 90% on the transaction.
EPI, a Norwegian company specialising in the processing of financial transactions was
founded in 1999 and is now a market leader in Latvia, Lithuania and Slovakia where it owns and operates transaction processing centres. Under Reiten & Co’s ownership, annual revenues have tripled and the company’s market presence has expanded from two to ten countries.
EPI was founded in early 2000 by a Norwegian management team with wide experience within the financial sector specifically in card and transaction processing. Reiten invested around E8m in the company in May 2003 and became the majority shareholder. In March 2004, the firm invested a further E7m, bringing the total investment in the company to around E15m. Finnmezzanine III funds invested in EPI in May 2004 with a mezzanine facility of approximately E10m.