Payzone, one of Ireland’s largest providers of payment solutions, is to be sold by Carlyle Cardinal Ireland (CCI) to a newly-formed joint venture from AIB Group and First Data Corp.
The joint venture will acquire a majority stake in Payzone at an enterprise value of up to €100m.
CCI, the private equity fund established by The Carlyle Group and Cardinal Capital Group, acquired a majority shareholding in Payzone in March 2015.
The company’s tech solutions aim to allow large and small Irish businesses to accept payments in store, on the road, over the phone, and through a website or app.
The company processes 125 million transactions annually for 100-plus client companies, and operates Ireland’s largest retail payments network with 11,500-plus points of sale.
Payzone Irelands CEO Jim Deignan said, “This development is a positive step for Payzone and a vote of confidence in the future of the business.
“We see significant opportunity to grow our footprint in the fintech sector and this can only be enhanced further with the backing and support of our new shareholders, who bring deep industry expertise to make things happen.
“The team at Carlyle Cardinal Ireland, which originally invested in Payzone in 2015, has worked very successfully with us to help develop the business and to support our continued growth. We thank them for their great support and investment over that period.”
Peter Garvey, managing director at Carlyle, added, “CCI’s investment in innovation and new product development has helped to accelerate the growth of the business and to transform it into one of Ireland’s most successful multi-channel payment solutions platforms.
“Net revenue and EBITDA have grown by 40 per cent and 70 per cent respectively since we invested.
“…this is the fund’s third exit and once again demonstrates the benefits of active, growth-focused private equity investment for ambitious Irish businesses.”
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