Equistone to acquire payments provider Small World
Financial terms of the deal are undisclosed
Private equity investor Equistone Partners Europe will acquire a majority stake in UK-based cross-border payment service provider Small World.
Small World’s investors, including FPE Capital and MMC Ventures, will sell their shareholdings as part of the transaction, with management reinvesting for a minority stake.
The financial terms of the deal are undisclosed and, as Small World is regulated in multiple countries, completion of the transaction remains subject to regulatory approvals.
Andrew Backen, partner at Equistone Partners Europe, says: “Demand for cross-border payments is increasing due to macro-demographic trends, and Small World’s high-quality customer proposition and scalable business model position it to achieve further organic and acquisitive growth.”
According to Equistone, Small World’s platform allows customers to make payments via its physical network of over 6,000 third-party send-side agents and 80 branches.
Small World currently employs about 680 people across 16 countries and generates revenues in excess of £110 million. There was no word on the staff’s fate. The firm was founded by Nick Day, Ricky Knox, and Michael Kent in 2005.
Back in January, Ingenico Group was selected by Small World as its payment processor.
Equistone says it aims to invest between €25 million and €125 million of equity in businesses with enterprise values of between €50 million and €500 million.
The company has a team of over 35 investment staff operating across France, Germany, Switzerland and the UK. It is currently investing its sixth buyout fund, which held a final closing at its €2.8 billion hard cap this month.
