First Data Divests Nationwide Credit Inc.
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First Data Corp. said that Nationwide Credit Inc., its Atlanta-based receivables management business unit, has been acquired by NCI Acquisition Corp.
The latter is an investment partnership formed by affiliates of Centre Partners Management LLC and Weiss, Peck and Greer LLC, both of New York..
Hackensack, NJ-based First Data, whose products include payment systems, electronic commerce and information management products and services, received approximately $155 million in cash for Nationwide Credit and said it will record an after-tax loss on the sale of approximately $60 million in its fiscal fourth quarter.
Nationwide Credit Inc., which is expected to report approximately $120 million in revenues in 1997, is a financial recovery and receivables management firm. It provides customized financial recovery services to financial institutions, health care providers, oil companies, utilities, telecommunications companies, and government agencies through 15 offices in 14 states.
Centre Partners is a $450 million private equity firm that focuses on middle market buyouts. Weiss, Peck & Greer is an investment management firm formed in 1970, which manages in excess of $14 billion in assets.