Return to search

Private equity bids for Cambridge Global Payments: sources

Three private equity firms are among a handful of parties vying for Cambridge Global Payments, sources said.

Final bids are due this week for Cambridge, one source said. It’s unclear who the bidders are but they include a strategic, a PE portfolio company, two pure buyout shops and a “wild card,” one of the sources said.

FT Partners is advising on the auction, Buyouts has reported.

Cambridge Global, Toronto, provides payment technology and currency-risk management to more than 12,000 customers. It went up for sale in late 2016.

Cambridge Global is expected to generate C$75 million ($56.6 million) in 2017 EBITDA and is seeking bids of C$1 billion ($754.8 million), Buyouts said.

Jacques Feldman and Bernard Heitner founded Cambridge Global in 1992 as a retail FX broker and precious-metals dealer.

PE has frequently invested in the payments space. Firms including Vista Equity Partners, Thoma Bravo, Blackstone Group and CVC Capital Partners were expected to look at Cambridge.

Cambridge could not be reached for comment.

Action Item: Contact Gary McDonald, Cambridge’s CEO, at +1 416-646-6401

Photo courtesy ©iStock/Rawpixel