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
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
“The divestiture of Nationwide Credit is a continuation of our strategy to
focus on transaction and information processing,” said Ric Duques, First Data
chairman and chief executive officer.
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.