The auction of Parthenon Capital-backed Cayan LLC is heating up, with strategics fighting each other for the payments company, according to three sources.
First-round bids for Cayan are due Nov. 6, one of the people said. FT Partners is advising on the process, Buyouts has reported.
First Data is still considering Cayan even though the massive credit-card processor is in talks to buy BluePay, the source said. Private equity is also still interested in Cayan, despite all the strategic interest, sources said.
Cayan produces about $40 million in run-rate EBITDA; it is seeking offers of $750 million to $1 billion, Buyouts said.
CEO Henry Helgeson co-founded Cayan in 1998. Cayan, Boston, provides payments technology and merchant services. In May, the company acquired Card Payments Services of Dallas.
Parthenon bought Cayan in July 2012 when the company was known as Merchant Warehouse. In 2015, it changed its name to Cayan to reflect the company’s bold vision and commitment to innovation.
Earlier this month, First Data mistakenly revealed its plans to buy BluePay, when a draft news release was “inadvertently” posted on its website on Oct. 19. First Data yanked the announcement but later confirmed that it was in discussions with BluePay regarding a potential transaction. BluePay is backed by TA Associates.
Cayan declined comment. Executives for First Data and Parthenon could not be reached for comment.
Action Item: Contact Cayan CEO Henry Helgeson at +1 844-277-1008