Vantiv Inc., parent of Cincinnati-based payment processor Vantiv LLC, filed an initial public offering of $100 million of Class A common shares, saying it will use the proceeds to repay loans and redeem Class B units.
Vantiv LLC's technology helps merchants, banks and credit unions accept credit and debit card payments, as well as gift cards and online payments.
Jointly owned by buyout firm Advent International and Fifth Third Bancorp, Vantiv LLC recently changed its name from Fifth Third Processing Solutions ahead of IPO rumors. The joint venture was established in 2009, when Advent bought a 51% stake in the payment processing unit in a deal valuing Vantiv LLC at $2.35 billion. Fifth Third Bancorp, also based in Cincinnati, owns the remaining 49%.
Payment processors are attractive targets for buyout firms, which see them as high-growth companies as electronic payments become popular globally.
Vantiv Inc. plans to list its Class A common stock on the New York Stock Exchange or Nasdaq Global Market.