Private equity-backed payment processor First American Payment Systems has reportedly cancelled its sale.
The auction did not produce much interest and First American, which is backed by Lindsay Goldberg, is now planning a dividend recapitalisation, said PeHUB, citing three sources. This would be its fourth distribution and third dividend since 2010.
Goldman Sachs was helping to find a buyer for the payment processor, which has debts of seven times its EBITDA of around $90m.
First American was looking to sell itself for a double digit multiple, according to the report.
Other companies backed by Lindsay Goldberg include hotel and motel franchiser Value Place, which secured a $100m investment from the firm last year.
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