The assets and liabilities of Prepaid Solutions USA were acquired today by a private equity firm backing a new entity to be called Prepaid Solutions, Inc.

In a press release dated today, Navigation Capital Partners (“NCP”) announced the buyout of Prepaid Solutions USA.

According to the press release,

PPS (Prepaid Solutions) is a payments company offering comprehensive prepaid/debit solutions for corporate America, self-banked and under-banked consumers. Solutions include payroll, general-purpose reloadable, performance, incentive, reward and gift. NCP has appointed Ken Goins and Eric Ohlhausen as the new CEO and CFO of PPS, respectively. Dan Grotto, the head of WSB’s Prepaid Solutions USA division prior to the transaction, will serve as president of PPS.

NCP partnered with Goins and Ohlhausen through the firm’s Executive-in-Residence program to source the opportunity. NCP’s Executive-in-Residence program is the firm’s approach of identifying experienced leadership within an industry attractive for investment, and then searching for the right company to acquire as a team. The transaction also leverages NCP Operating Partner O.G. Greene’s more than 20 years of payments industry experience including Skylight Financial, Inc., National Data Corporation and First Financial Management.

“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,” said 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.” Mock and Greene, as well as NCP Partner David Panton and Vice President Zuri Briscoe, will join the PPS board of directors.

Read the full release here.