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Navigation Capital acquires Prepaid Solutions USA

Navigation Capital Partners, an Atlanta-based middle market private equity firm, has acquired the assets and associated liabilities of Prepaid Solutions USA via newly-formed entity Prepaid Solutions.

Prepaid Solutions USA was a division of West Suburban Bank, a Chicago area-based community bank and wholly-owned subsidiary of West Suburban Bancorp. WSB’s Prepaid Solutions USA division was founded in 2001.

Prepaid Solutions is a payments company offering prepaid/debit solutions for corporate America, self-banked and under-banked consumers. Solutions include payroll, general-purpose reloadable, performance, incentive, reward and gift.

Navigation Capital has appointed Ken Goins and Eric Ohlhausen as the new chief executive and chief financial officer of Prepaid Solutions, respectively. Dan Grotto, the head of WSB’s Prepaid Solutions USA division prior to the transaction, will serve as president of Prepaid Solutions.

Navigation Capital partnered with Goins and Ohlhausen through the firm’s executive-in-residence programme to source the opportunity.

“With Goins, Grotto, Ohlhausen and the PPS management team, NCP is backing experienced leadership to take advantage of attractive opportunities in the rapidly-growing payments industry,” says Larry Mock, managing partner of NCP. “Such an investment is representative of NCP’s continued, proactive strategy and the team dynamic behind our executive-in-residence initiatives.”

“The payments industry has grown rapidly over the last five years, and strong demand is expected to continue,” adds Goins. “With the partnership and involvement of NCP, PPS is poised to capitalise on opportunities to expand current relationships, enhance product offerings and enter new markets.”

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