1 December 2010, London – Bain Capital and Advent International, the leading global private equity firms, have today announced the completion of the purchase of global payments services provider RBS WorldPay from The Royal Bank of Scotland Group plc (RBSG). RBS will retain a minority stake in the company.
The new company, to be known as WorldPay, is the largest provider of card payment services in the UK and Europe and the fourth largest globally. In 2009, the business processed a total of 6.8bn transactions worldwide with a value of £243bn. Headquartered in the UK, WorldPay employs over 2,600 people in more than 30 markets throughout Europe, the US and Asia.
The market for electronic payments is growing significantly due to the continuing shift from paper-based payments, such as cash and cheques, to electronic payments like credit and debit cards, the most prevalent form of electronic payment. Between 2008 and 2013, the total number of card payment transactions globally is forecast to grow at a CAGR of 10.5%. New payment methods, increasingly online, are also being adopted, with the value of eCommerce transactions between 2009 and 2013 expected to grow at a CAGR of 18.8%. Particular opportunities are anticipated in emerging markets, as their economies develop and expand.
Ron Kalifa, CEO of WorldPay, said: “Independence and private ownership give us the potential to transform the payments industry through long term investment in our technology, our people and our business. We are committed to supporting the growth of our customers’ businesses by touching as many transactions as possible, every minute of every day around the world.”
“WorldPay is already a strong business with a leading position in its markets, and I am pleased that the sale has been extremely well received by our customers. We now look forward to building on the first class service that our clients have come to expect, under the joint ownership of Advent International and Bain Capital. I am also delighted to have the continuing support of RBS Group, through its minority stake in the business, to the benefit of our existing relationships with customers and suppliers.”
James Brocklebank, Managing Director and Head of Advent’s financial services sector team in Europe, said:
“We are very pleased to have completed the acquisition of WorldPay. It is a unique asset in a rapidly growing market with a full service offering, massive scale, highly talented employees and an extraordinary customer base. These are strong foundations and we look to the future of this company with great excitement.”
Robin Marshall, Managing Director, Bain Capital added:
"Bain Capital is delighted to be able to bring its experience of developing and building leading global businesses to WorldPay. We are excited to be working together with WorldPay management and RBS Group to further strengthen WorldPay's position as one of the world's leading global payments services providers."
Since its inception in 1984, Bain Capital has made over 50 investments in the financial services and technology sectors across Europe, Asia and North America.
Advent International has been investing in the financial services sector for over 20 years and has backed more than 30 companies in a broad range of subsectors including payments, transaction processing and financial technology.
Advent International and Bain Capital were advised by Credit Suisse, Weil Gotshal & Manges, Kirkland & Ellis, PwC, FT Advisors Ltd, First Annapolis and McKinsey & Company.