North American Bancard’s Kirk Haggarty Named CFO of the Year by Crain’s Detroit Business
TROY, Mich., May 27, 2015
North American Bancard (NAB), an industry leader in credit card processing, merchant services and provider of the PayAnywhere Storefront and Mobile point-of-sale solutions, announced that Kirk Haggarty has won the Crain’s Detroit Business CFO of the Year Award for private companies worth over $100 million. The CFO of the Year awards recognize the outstanding achievements of CFO’s in publically- and privately-held companies of all sizes. The winners were announced May 24, 2015, and will be celebrated at an awards event on July 23, 2015, at The Henry in Dearborn.
Leading a deal in 2014 that enabled NAB to buy a large rival out of bankruptcy and putting together a debt facility of $225 million that led to cash flow savings of more than $10 million a year are among Haggarty’s most recent achievements. NAB made three acquisitions last year, one of which Haggarty calls “transformational” – the purchase of credit card processor Electronic Payment Exchange (EPX).
Guided by Haggarty’s leadership, NAB was able to buy the $18 billion processor of credit and debit cards out of bankruptcy for $50 million, boosting its credit card volume to around $34 billion. This has enabled NAB to serve larger customers and keep more business in-house, providing better margins.
The two additional acquisitions included Sunnyvale, California-based Argus Payments Inc., an online payment processor, in November 2013, and the December, 2014 purchase of Miami-based Rapid Capital Funding Inc., which provides cash advances to merchants.
“We are thrilled that Crain’s Detroit Business has named Kirk CFO of the year,” said Marc Gardner, founder, president and CEO of North American Bancard. “His expertise and knowledge of the industry are remarkable and have been invaluable to our recent acquisitions.”
“I’m fortunate to have an extremely talented team of people at NAB as well as really talented legal counsel in Honigman Miller and Berkowitz Trager & Trager,” said Haggarty. “Without their assistance in putting those deals together, we wouldn’t be where we are today.”
Haggarty, who joined NAB in June 2013, has 18 years of experience in investment banking and mergers and acquisitions. Prior to his position at NAB, Haggarty was Executive Vice President and CFO at Atlas Oil Co., where he headed acquisition efforts and the securing of growth capital. He was also a managing partner at Grosse Pointe, Michigan-based investment banking firm Donnelly Penman & Partners and vice president of investment banking at Raymond James Financial, Inc.
About North American Bancard
Headquartered in Troy, Michigan, award-winning North American Bancard is an industry leader in credit card processing, providing a variety of merchant services that help client companies of all sizes develop solutions for payment processing, including credit, debit, EBT, check conversion and guarantee, gift & loyalty cards, and much more. As an MSP/ISO since 1992, North American Bancard is dedicated to offering the highest service levels, exceptionally competitive pricing, and the latest technology to its client companies, including Pay Anywhere, its proprietary point-of-sale (POS) solution. With over $34 billion worth of payments processed for more than 250,000 businesses every year, North American Bancard is determined to help American business prosper. For more information, visit http://www.nabancard.com.