Latest news with #BainCapital-led
Business Recorder
28-05-2025
- Business
- Business Recorder
Global Payments to sell payroll unit to fintech Acrisure for $1.1 billion
Global Payments said on Wednesday it would sell its payroll division, Heartland Payroll Solutions, to financial technology firm Acrisure for $1.1 billion, marking the payments company's latest attempt at simplifying its business model. Atlanta, Georgia-based Global Payments has been reviewing its business recently, selling off smaller units to become a pure-play payments processor to clients and improve profitability, which has taken a hit in recent quarters. Last month, the company announced the sale of its issuer solutions unit, which offers card processing and account services, to FIS tab for $13.5 billion as part of a three-way deal. Global Payments had also agreed to sell its medical software business AdvancedMD to investment firm Francisco Partners for $1.13 billion last year. 'This (latest) transaction further sharpens our strategic focus and allows us to amplify investment in the markets and solutions where we are most differentiated,' said Global Payments CEO Cameron Bready. The company intends to use the proceeds from the divestiture of the payroll business to return capital to shareholders. Founded in 1997, Heartland Payroll caters to more than 50,000 clients, including Marathon Petroleum and Burger King, and will be rebranded after the deal closes — expected in the second half of 2025. Global Payments will partner with Acrisure to continue providing human capital management and payroll offerings to its merchant customers. The deal also comes when Acrisure is expanding beyond its core insurance brokerage business. The Grand Rapids, Michigan-based company had raised $2.1 billion at a $32 billion valuation in a Bain Capital-led funding round earlier this month. 'This significant acquisition accelerates our successful transformation into a fully scaled and diversified fintech platform,' said Acrisure CEO Greg Williams. Goldfinch Partners advised Acrisure on the transaction.
AU Financial Review
30-04-2025
- Business
- AU Financial Review
Accolade Wines axes dozens of brands after Pernod Ricard merger
The Bain Capital-led consortium that owns Accolade Wines says it will cull dozens of brands after merging it with Pernod Ricard's wine business. The enlarged company has been named Vinarchy, which executive chairman Ben Clarke said represented a new beginning for a group with $1.5 billion in revenue. Clarke was a former Kraft Foods executive and was appointed chairman of Accolade, the country's second-biggest winemaker after ASX-listed Treasury Wine Estates, last year.
Yahoo
24-04-2025
- Business
- Yahoo
Pimco and KKR among suitors for £1.7bn John Lewis card provider NewDay
John Lewis's credit card partner has received expressions of interest in a takeover of parts or all of its business from some of the world's largest financial investors. Sky News has learnt that NewDay Group, which is owned by the private equity firms Cinven and CVC Capital Partners, is fielding interest from suitors including Pimco, the asset management giant, KKR, and a Bain Capital-led consortium which also includes Centerbridge Partners. Banking sources said the parties were among a number of groups which were expected to table formal bids for NewDay in the coming weeks. Some of the bidders, such as Pimco, are said to be interested in pursuing a deal to buy NewDay's consumer loan book rather than the company as a whole; others, meanwhile, are understood to be interested in acquiring the whole business. NewDay, which took ownership of Argos's store card business last year in a £720m deal with J Sainsbury, the supermarket giant, has been exploring a sale or stock market listing for several months. Last November, Sky News reported that NewDay's owners were lining up investment bankers at Barclays to advise on a process. NewDay is one of Britain's biggest privately held providers of consumer credit services, with about four million customers. The company is chaired by Sir Mike Rake, the former deputy chairman of Barclays, and run by John Hourican, the former Royal Bank of Scotland and Bank of Cyprus executive. Its regulated product portfolio includes direct-to-consumer credit cards, including Bip, the UK's first digital-only credit card. The company also has a string of merchant partnerships offering digital point-of-sale credit, such as Buy Now Pay Later and instalment finance products. As part of the Argos deal, NewDay struck an agreement to create a new Argos-branded digital credit proposition, which will replace the existing card credit and store card products. Last August, it said it had seen new customer acquisition rise by 36% during the first half of the current financial year, with customer arrears now standing at pre-Covid levels. If NewDay decides to float instead of pursuing a sale, a number of other banks are expected to be hired alongside Barclays, whose appointment is said to be imminent. None of the parties contacted by Sky News on Thursday afternoon would comment.
Sky News
24-04-2025
- Business
- Sky News
Pimco and KKR among suitors for £1.7bn John Lewis card provider NewDay
John Lewis's credit card partner has received expressions of interest in a takeover of parts or all of its business from some of the world's largest financial investors. Sky News has learnt that NewDay Group, which is owned by the private equity firms Cinven and CVC Capital Partners, is fielding interest from suitors including Pimco, the asset management giant, KKR, and a Bain Capital-led consortium which also includes Centerbridge Partners. Banking sources said the parties were among a number of groups which were expected to table formal bids for NewDay in the coming weeks. Some of the bidders, such as Pimco, are said to be interested in pursuing a deal to buy NewDay's consumer loan book rather than the company as a whole; others, meanwhile, are understood to be interested in acquiring the whole business. NewDay, which took ownership of Argos's store card business last year in a £720m deal with J Sainsbury, the supermarket giant, has been exploring a sale or stock market listing for several months. Last November, Sky News reported that NewDay's owners were lining up investment bankers at Barclays to advise on a process. NewDay is one of Britain's biggest privately held providers of consumer credit services, with about 4 million customers. The company is chaired by Sir Mike Rake, the former deputy chairman of Barclays, and run by John Hourican, the former Royal Bank of Scotland and Bank of Cyprus executive. Its regulated product portfolio includes direct-to-consumer credit cards, including Bip, the UK's first digital-only credit card. The company also has a string of merchant partnerships offering digital point-of-sale credit, such as Buy Now Pay Later and instalment finance products. As part of the Argos deal, NewDay struck an agreement to create a new Argos-branded digital credit proposition, which will replace the existing card credit and store card products. Last August, it said it had seen new customer acquisition rise by 36% during the first half of the current financial year, with customer arrears now standing at pre-Covid levels. If NewDay decides to float instead of pursuing a sale, a number of other banks are expected to be hired alongside Barclays, whose appointment is said to be imminent.
