PE Deals

New Capital puts Repay up for sale: sources

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New Capital Partners has put Realtime Electronic Payments, or Repay, up for sale, two sources said.

William Blair & Co is advising on the process, the sources said. New Capital is seeking bids of $100 million to $150 million for Repay, the sources said.

It’s unclear when New Capital invested in Repay. Established in 2006, Repay provides electronic transaction processing services for retail merchants, including credit and debit cards, gift cards, ACH, and bank account verification.

Atlanta-based Repay provides processing services for more than 8,000 merchant locations across all product lines, the company’s website said. Repay produced $30.8 million in 2014 revenue and employs a staff of 16, according to Inc.com.

With offices in Birmingham, Alabama, and Dallas, New Capital is a lower middle market firm that invests in healthcare services and IT, financial services and IT, as well as general business services. The fund mainly targets the southeast and Texas.

New Capital in 2014 closed its third fund at $232 million, beating its $200 million hard cap. Performance data for the fund was unavailable.

William Blair and New Capital declined comment. Repay did not return calls for comment.

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