Centerbridge and Bridgeport take fintech firm CSI private

The deal is valued at about $1.6 billion.

  • According to terms of the transaction, CSI shareholders received $58 per share
  • With the closing of this acquisition, CSI is longer trading on the OTCQX market
  • Frank Martire, founder of Bridgeport, will serve as CSI’s board chairman

Centerbridge Partners and Bridgeport Partners have closed their previously announced take-private buyout of Paducah, Kentucky-based Computer Services Inc, a provider of fintech and regtech solutions. The deal is valued at about $1.6 billion.

According to terms of the transaction, CSI shareholders received $58 per share.

With the closing of this acquisition, CSI is longer trading on the OTCQX market.

“I have followed CSI’s trajectory for years and am confident its robust expertise in the community banking sector makes it primed to deliver expanded resources that will help its customers not only remain competitive, but truly grow,” said Frank Martire, founder of Bridgeport, in a statement. “Like Bridgeport, CSI employees care deeply about and understand the great value in the work they do and what they can deliver to CSI customers over the next decade.

Martire will serve as CSI’s chairman of the board. Additions to the board will also include Jared Hendricks, senior managing direcdtor at Centerbridge, and Ben Jaffe, managing director at Centerbridge.

Raymond James & Associates, Inc. and Moelis & Company acted as co-financial advisors to CSI, and Nelson Mullins Riley & Scarborough LLP acted as its legal counsel. Goldman Sachs Group, L.P. and Jefferies Group LLC acted as financial advisors to Centerbridge and Bridgeport. Kirkland & Ellis LLP served as legal counsel to Centerbridge. Aviditi Financial, LLC served as a capital markets advisor to Bridgeport. Weil, Gotshal & Manges LLP served as legal counsel to Bridgeport.

Centerbridge Partners was founded in 2005. The firm has approximately $36 billion in capital under management, as of September 30, 2022.