Warburg Pincus has entered into an agreement to Electronic Funds Source (EFS), a provider of corporate payment services, from an investor group including First Data Transportation Services, CTP Holdings, and FJ Management. The transaction is expected to close in the second quarter of 2014.
“We believe there is a significant opportunity to build on EFS’ success and enhance and expand its fleet and corporate payments solutions. We look forward to partnering with Scott Phillips, EFS President and Chief Executive Officer, and the management team as the company continues its impressive growth trajectory,” said Jim Neary, Managing Director and Member of the Executive Management Group, Warburg Pincus.
Electronic Funds Source is a provider of corporate payment technology services. The company’s portfolio of products includes a suite of corporate and private-label purchasing cards; cardless technology solutions; payroll solutions; money transfer solutions; back-office accounts payable and expense management solutions. The company is based in Ogden, UT (www.efsllc.com).
“The company provides innovative payment solutions leveraging a best-in-class technology platform. EFS is extremely well positioned to continue its product innovation and strong momentum in this attractive market,” said Adarsh Sarma, Managing Director, Warburg Pincus.
Warburg Pincus has more than $35 billion in assets under management and has raised 13 private equity funds which have invested more than $48 billion in approximately 700 companies in 35 countries. The firm was founded in 1966 and is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Port Louis, Mumbai, San Francisco, Sao Paulo and Shanghai (www.warburgpincus.com).
Warburg Pincus has a history of investing in the payments, financial technology and financial services sectors, which include current and past portfolio companies such as FIS Global, InComm, Wall Street Systems, Primerica, Santander Asset Management, Santander Consumer USA, Sterling Financial Corp and Webster Financial Corp.
Goldman Sachs, SunTrust Robinson Humphrey and Wells Fargo acted as financial advisors to EFS. Credit Suisse and Deutsche Bank acted as financial advisors to Warburg Pincus.
© 2014 PEPD • Private Equity’s Leading News Magazine • 4-17-14
