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The Cincinnati processor hopes to double in size over the next five to 10 years, Chris Pike, a managing director at the Boston investment firm Advent International Corp., said Tuesday in an interview at the Electronic Transactions Association conference in Las Vegas.
April 14 -
Advent International, a Boston private-equity firm founded in 1984, has shifted from its initial plan of investing in troubled banks to a focus on banks' back-office technology, specifically transaction processing businesses.
April 26
Fifth Third Processing Solutions LLC said Wednesday that it has agreed to buy National Processing Co.
Fifth Third Processing, a venture of the private-equity firm Advent International Corp. and Fifth Third Bancorp's Fifth Third Bank, said the purchase would help it serve small and midsize enterprise businesses.
Fifth Third Processing, of Cincinnati, said National Processing would continue to operate at its Louisville headquarters, as well as its existing Houston and Chicago sites. The deal is expected to close in early November. The price was not disclosed.
