Trade buyers have dominated the second round of bidding for a German payment-processing company owned by US buyout firm Warburg Pincus, highlighting the financial advantage that strategic buyers now hold over debt-starved private equity groups in the market for new deals.

Warburg Pincus acquired Easycash in November 2006 from US payment-processing company First Data for an undisclosed sum. The US firm decided to sell the business earlier this year and although private equity firms were reported to be interested in bidding those still involved are "predominantly" trade buyers, according to two bankers familiar with the sale.