February 2 2010
Troy-based North American Bancard Inc. has hired Deutsche Bank Securities as a financial adviser to explore unspecified “current industry consolidation trends” in the payment processing and services industry.
“(The years) 2008 and 2009 have been unique years in the payment processing industry,” said President and CEO Marc Gardner in a statement. “Many of our competitors in the industry, both large and small, have experienced unusual stress on their businesses. These factors have created unique strategic growth opportunities for our company.”
The statement was not specific about whether the company was seeking a buyer or acquisitions.
However, according to the statement, Gardner had been approached by a number of large financial firms in 2009 “seeking to team with North American Bancard to pursue industry opportunities,” which would seem to indicate the company is considering prospective buyers.
The company, founded in 1992 by Gardner, has more than 225 full-time employees at its offices along Stephenson Highway, where it acquired a portion of the former Collins & Aikman headquarters for $25 million last year.
“We are in a position where financial partners are available and strategic opportunities are evident,” Gardner said in a statement.
“We believe that our reputation, industry insight and ability to execute are appreciated by potential financial partners, and we look forward to continuing to build our business.”