Corsair Capital’s sale of Realtime Electronic Payments, or Repay, is heading into the final round, two sources said.
PE is not part of the remaining group, which includes a “strategic or two and a SPAC,” the person said. A winning bidder is expected near the end of October, the person said. The Repay process focused more on strategics and SPACs, a second source said.
Buyouts reported in June that strategics were outbidding PE for Repay.
Established in 2006, Repay is the Atlanta provider of electronic-transaction-processing services for more than 8,000 merchants, including credit and debit cards, gift cards, ACH and bank-account verification.
Corsair, the New York financial-services investor, acquired Repay in 2016. Repay went up for sale in June. Financial Technology Partners is advising on the process, Buyouts said.
Repay generated Ebitda of around $45 million and could sell for $900 million, including debt, the story said.
Corsair is out fundraising seeking $1 billion with its fifth fund, Buyouts said in November.
Repay is the latest PE-backed company that may go to a strategic. In June, PayPal swooped in and acquired Hyperwallet for $400 million. Primus Capital and Bratenahl Capital Partners were the sellers.
TSYS in January closed its $1.05 billion acquisition of Cayan. Parthenon Capital Partners was the seller.
First Data also acquired BluePay Holdings in late 2017. TA Associates was the seller.
The Repay sale also comes as payments revenue is expected to hit $2 trillion by the end of 2021, according to SharesPost.
Executives for Repay and Corsair declined comment.
Action Item: Contact Repay CEO John Morris at +1 404-504-7472