M&A Deal Summary

Palamon Capital Partners, Corsair Capital and The Blackstone Group Acquire Redpin

On August 11, 2015, private equity firms Palamon Capital Partners, Corsair Capital and The Blackstone Group acquired financial services company Redpin for 200M GBP

Acquisition Highlights
  • This is Palamon Capital Partners’ 5th, Corsair Capital’s 8th and The Blackstone Group’s 11th transaction in the Financial Services sector.
  • This is Palamon Capital Partners’ 0th, Corsair Capital’s 3rd and The Blackstone Group’s 136th largest (disclosed) transaction.
  • This is Palamon Capital Partners’ 15th, Corsair Capital’s 2nd and The Blackstone Group’s 16th transaction in the United Kingdom.

M&A Deal Summary

Date 2015-08-11
Target Redpin
Sector Financial Services
Buyer(s) Palamon Capital Partners
Corsair Capital
The Blackstone Group
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 200M GBP
Advisor(s) Financial Technology Partners - FT Partners (Financial)
Field Fisher Waterhouse (Legal)

Target

Redpin

London, United Kingdom
Redpin is a provider of foreign exchange (“FX”) and international payment solutions to private and corporate clients. The company enables its customers to perform FX transactions and transfers at highly competitive rates through its proprietary online platform, via email or by phone. Redpin was founded in 1995 and is based in London, United Kingdom.

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Buyer(S) 3

Buyer

Palamon Capital Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.4B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Palamon Capital Partners LP is a private equity firm that targets investments in high-growth service-oriented businesses throughout Europe. Palamon specifically looks for companies operating in business services, financial services, media and communications, leisure and entertainment, information technology, and healthcare. The Firm's target investment size is €30 to €100 million. Funds are generally used to support development needs, however, Palamon will also consider investing in early-stage businesses, recapitalizations, deleveraging transactions, turnarounds, and buyouts. Palamon Capital Partners LP was formed in 1999 and is based in London.


DEAL STATS #
Overall 33 of 38
Sector (Financial Services) 5 of 5
Type (Buyout (LBO, MBO, MBI)) 17 of 19
Country (United Kingdom) 15 of 17
Year (2015) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-17 Il Bisonte Industriale S.r.l.

Pontassieve, Italy

Il Bisonte Industriale S.r.l. is a manufacturer of hand-crafted luxury leather handbags, travel bags, briefcases, wallets, belts and stationary accessories made from locally sourced fine Italian vachetta leather. Il Bisonte Industriale S.r.l. was founded in 1970 and is based in Pontassieve, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-09 Rug Company

London, United Kingdom

Rug Company is a designer and producer of handmade luxury contemporary rugs with an established international sales presence through 10 own showrooms and a number of franchisees and concessions worldwide. Rug Company was founded in 1997 and is based in London, United Kingdom.

Buy -
Buyer

Corsair Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 9.9B USD
Size Mega
Type Sector Focused
DESCRIPTION

Corsair Capital is a private investment firm focused on investments in the financial services industry. Specific areas of interest include banks, insurance companies, credit card specialists, asset managers, private banks, mortgage lenders, financial technology firms, and finance companies. The Firm looks to invest between $50 to $100 million in companies with proven business models and 'meaningful' barriers to entry. Corsair will consider opportunities around the world, including the US, Europe, Latin America, and Asia. Prospective transactions include recapitalizations, growth capital financings, management buyouts, and special/distressed situations. Corsair Capital was originally established in 1992 and is based in New York City. Corsair has an additional office in London.


DEAL STATS #
Overall 16 of 29
Sector (Financial Services) 8 of 11
Type (Buyout (LBO, MBO, MBI)) 7 of 11
Country (United Kingdom) 2 of 3
Year (2015) 2 of 2
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-20 First Eagle Investment Management

New York, New York, United States

First Eagle Investment Management is an asset management firm which manages assets on behalf of institutional and individual clients. With the core purpose of providing prudent stewardship of its clients’ assets, the Firm is focused on fundamental, flexible and benchmark-agnostic investing, including strategies which seek to provide clients with downside protection. First Eagle Investment Management was founded in 1864 and is based in New York, New York.

Buy $4.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-14 Repay Holdings

Atlanta, Georgia, United States

Repay Holdings is a full-service provider of electronic transaction processing services for retail merchants, offering a comprehensive line of solutions that include credit and debit cards, gift cards, ACH, bank account verification, electronic bill payment, and instant funding. Repay Holdings was founded in 2006 and is based in Atlanta, Georgia.

Buy -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


DEAL STATS #
Overall 193 of 340
Sector (Financial Services) 11 of 16
Type (Buyout (LBO, MBO, MBI)) 54 of 76
Country (United Kingdom) 16 of 26
Year (2015) 8 of 19
Size (of disclosed) 136 of 172
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-31 AVINTIV

Charlotte, North Carolina, United States

AVINTIV, Inc. is a developer, producer, and marketer of specialty materials used in infection prevention, personal care, and high performance solutions. AVINTIV was formed in 1985 and is based in Charlotte, North Carolina.

Sell $2.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-12 SunGard Data Systems

Wayne, Pennsylvania, United States

SunGard Data Systems, Inc. is a provider of software and processing solutions for the financial services industry, higher education, and the public sector in over 70 countries. SunGard also offers disaster recovery, managed IT, and information availability consulting services along with business continuity management software.

Sell $9.1B