BPV completes successful exit from FSV Payment Systems
Ballast Point Ventures is pleased to announce a successful exit from its investment in BPV II portfolio company FSV Payment Systems, a leading provider of prepaid program management and processing services. FSV is known for its expertise managing a broad range of prepaid programs for companies, government agencies, financial institutions, and incentive/marketing firms. Under the terms of the transaction, Ballast Point Ventures, North Hill Ventures, Berkley Capital, and the other non-management investors sold their ownership stakes in the Company to U.S. Bank. The acquisition combines U.S. Bank’s payments strength and prepaid expertise with FSV’s platform which will position the combined entity as one of the few financial institutions in the industry capable of providing efficient end-to-end prepaid programs and services for its clients.
Paul Johan, Partner with BPV, had praise for the management team:
The sale of our interest in FSV marks the end of a very successful three and a half year investment for BPV. We are very appreciative of the outstanding job that Rick Savard and his team did in taking FSV from a solid growth company to a very profitable firm with a high profile in the prepaid sector. They’ve done a fantastic job working with clients while leading a dramatic improvement to the service platform and technology capabilities of the company. Rick and his team have created significant value for FSV shareholders and their customers. We are delighted U.S. Bank will be working with FSV management to continue to build the business.
Additional detail can be found here.