Advent International Corp. and Bain Capital Private Equity completed the acquisition of German payment services provider Concardis GmbH following approval from German financial regulator BaFin.

Advent and Bain intend to use invoice purchase specialist Ratepay, which they acquired in April, to expand Concardis' portfolio of services. Stuart Gent, co-head of the European portfolio group at Bain Capital Private Equity, will chair Concardis' supervisory board.

Concardis had been owned by German private, cooperative and savings banks and by DZ BANK AG.