16 April 2008, Boston - Advent International, one of the world's leading global buyout firms, today announced that Pam Patsley has joined the firm as an Operating Partner to focus on investment opportunities in financial services, payments and transaction processing. Ms. Patsley will work with Advent’s deal team in Boston, supporting the firm’s investment activities globally.
Ms. Patsley spent over seven years at First Data Corporation, most recently as President of First Data International, where she was responsible for all of the company’s business outside the U.S. In that role, she grew the business from $300 million of revenue to approximately $1.7 billion when she departed in 2007. As President of First Data International, Ms. Patsley oversaw the merchant acquiring, merchant transaction processing, issuer processing and ATM network solutions business units.
Prior to First Data, she served as CEO of Paymentech Inc., which she took public in 1996 and then sold to First Data for an enterprise value of $1 billion in 1999. Ms. Patsley currently sits on the boards of Texas Instruments Inc. (NYSE: TXN) and Molson Coors Brewing Company (NYSE: TAP).
The use of Operating Partners is a fundamental, long-established and successful element of Advent International’s highly operational approach to investing. The program includes approximately 50 senior industry executives, many of whom have been involved in multiple Advent investments. These executives typically assist in activities such as finding attractive investment opportunities, conducting due diligence, and creating and driving value creation plans for Advent’s portfolio companies.
"Pam Patsley has a proven track record of creating value in the payments and processing industry, both domestically and internationally," said Advent Managing Director Chris Pike. "We think that Pam brings a terrific industry perspective to Advent as we seek investment opportunities in these dynamic and exciting market conditions."
Ms. Patsley commented, "I am looking forward to working with Advent and leveraging their unique presence worldwide to pursue new investment opportunities in the financial services, payments and transaction processing industries globally. Advent has a long track record of success in financial services, and I believe they will be an ideal partner for me to find companies where we can deploy capital and leverage our combined industry experience and perspectives.”
John Maldonado, a Principal at Advent, said, "The depth of Pam's experience across subsectors and geographies enables us to pursue a wide spectrum of opportunities in financial services. The partnership with Pam highlights Advent's underlying philosophy of partnering with top executives to acquire and build high-performing companies."
Advent International has been investing in the financial services sector for over 20 years and has backed more than 25 companies in a broad range of subsectors including payments, transaction processing and financial technology. In payments, Advent was an early investor in Euronet (Nasdaq: EEFT); CSU CardSystem, which went public on Bovespa in 2006; DolEx, a leading money transfer business that was sold to Global Payments in 2003; PaySys, which was sold to First Data; and CCS, a leading Czech fuel card processor, sold to FleetCor in 2006.
On the transaction processing side, Advent acquired Long Term Care Group and National Bankruptcy Services in 2004; Equiniti (formerly Lloyds TSB Registrars) in 2007; and MACH, a leading GSM roaming clearing house, which was sold in 2005. In financial technology, Advent bought BondDesk Group, a leading trading system for retail fixed-income investors, in 2006; and Sophis, a leading derivatives trading and risk management software vendor, in 2007.