Latest news with #JohnFlynn
Yahoo
09-05-2025
- Business
- Yahoo
AvidXchange swallowed in $2B deal
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. AvidXchange, an accounts payable and payments software provider, has agreed to be taken private by global asset management firm TPG in a transaction that values the business at $2.2 billion, according to a Tuesday press release from the two companies. As part of the acquisition, another payments company Corpay, formerly known as FleetCor Technologies, will buy a 33% stake in the publicly-traded AvidXchange for $500 million, according to its separate release Tuesday. Corpay, which is also publicly-traded, said in its release that it will have the option to buy all of AvidXchange. 'There is a very large opportunity for businesses to improve their accounts payable processes through automation and become more efficient, more secure, and more accurate,' TPG Partner John Flynn said in the joint release. Charlotte, North Carolina-based AvidXchange has focused its software business on the middle market, collecting some 8,500 clients in various verticals, including real estate, homeowners' associations, financial institutions and media, according to the Corpay release. When AvidXchange sold shares to the public for the first time in 2021, it had about 7,000 clients. The payments company is a good fit for Fort Worth, Texas-based TPG's $76 billion portfolio partly because it has previously invested in payments companies, including the digital payments processor Toast as well as payments orchestration company Freedom Pay, according to the investment firm's website. Flynn explained how AvidXchange offers payments set-up that easily integrates into corporate workflows, allowing for connectivity between businesses and suppliers. His TPG partner, Tim Millikin, predicted a growing need for such software. 'Modern businesses require modern payment technology, and we see significant opportunity for AvidXchange as a private company to continue enhancing its solutions to improve visibility and unlock efficiencies across the payment process,' Millikin said in the release. Corpay CEO and Chairman Ron Clarke also highlighted the business prospects for AvidXchange. He has experience with AvidXchange because Atlanta-based Corpay has acted as its card payments processor. 'We really like AvidXchange's business model: diverse revenue streams from payments and software, high retention rates, and very little working capital and credit exposure,' he said in his company's release. Last month, Corpay itself attracted an investment from Mastercard, which injected $300 million into its cross-border unit as part of a broader commercial, cross-border services agreement. AvidXchange's CEO, Michael Praeger, is a career entrepreneur who co-founded the company in 2000. Prior to launching AvidXchange, he co-founded career and recruiting web site and the tax billing and collections software company InfoLink Partners. 'With TPG and Corpay, we will have the resources and long-term focus to scale our platform and provide more innovative solutions that help our customers across the country transform their accounts payable processes,' Praeger said in his company's press release. In a Tuesday letter to employees, Praeger talked about the milestone deal as the company marks its 25th anniversary. 'We've accomplished a lot over the past 25 years, growing from an AP automation software company for the real estate business into a leading B2B payments network and processing more than 79 million transactions in 2024 with annual revenue of more than $425 million,' he said in the letter, which was included in a Wednesday filing with the Securities and Exchange Commission. A spokesperson for AvidXchange didn't respond to a question about whether Praeger will remain at the company once the transaction is completed. AvidXchange will institute a $3 million retention bonus program for top executives in an effort to 'to promote retention and incentivize efforts to consummate' the transaction, according to another SEC filing by the company on Wednesday. Those bonuses will vest annually over the next three years. The transaction is expected to close in the fourth quarter, subject to regulatory approvals, according to the releases. Recommended Reading Mastercard invests $300M in Corpay unit
Yahoo
07-05-2025
- Business
- Yahoo
TPG Boosts Digital Infrastructure Portfolio With $660 Million Peppertree Acquisition
TPG Inc. (NASDAQ:TPG) shares are trading lower on Wednesday. On Tuesday, the company disclosed a deal to acquire Peppertree Capital Management, Inc. in a cash and equity deal worth up to $660 million. The transaction involves a combination of cash and equity, estimated at up to $242 million in cash and up to $418 million in equity payable upon closing, with both amounts subject to certain adjustments. The agreement also includes potential earnout payments of up to $300 million based on Peppertree's future performance. Also Read: Sabre Divests Hospitality Arm To TPG For $1.1B, Plans Debt Reduction The transaction has been approved by TPG's Board of Directors and is anticipated to close in the third quarter of 2025, subject to standard closing conditions. Upon completion, Peppertree is poised to significantly enhance TPG's capabilities in developing wireless communication towers and network infrastructure. This increased scale is anticipated to complement TPG's existing leading position across its Internet, Digital Media & Communications (IDMC) platform. The combined assets under management (AUM) of TPG and Peppertree is projected to be $253.6 billion on a pro forma basis, and the transaction is expected to immediately increase TPG's fee-related earnings and after-tax distributable earnings per share upon closing. David Trujillo and John Flynn, Partners at TPG, added, 'Peppertree's track record of investing in high-quality wireless communications towers and critical digital infrastructure assets, combined with TPG's thematic investing approach and legacy of scaling innovative internet and communications companies, positions us to leverage our collective insights and expertise to build high-quality, growing digital infrastructure-related businesses.' In a separate release, TPG, in partnership with Corpay, agreed to acquire AvidXchange Holdings, Inc. for $10 per share in a cash transaction valued at $2.2 billion. As of December 31, TPG's cash and cash equivalents stood at around $147 million. TPG plans to release first-quarter earnings before the market opens on May 7, 2025. Investors can gain exposure to the stock via Invesco Global Listed Private Equity ETF (NYSE:PSP) and EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO). Price Action: TPG shares are down 1.28% to $45.60 at the last check on Wednesday. Read Next: Photo by PreciousJ via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Yahoo
07-05-2025
- Business
- Yahoo
AvidXchange To Go Private For 22% Premium In M&A Deal
AvidXchange Holdings, Inc. (NASDAQ:AVDX) shares are trading higher premarket on Wednesday. On Tuesday, the company inked a deal to be acquired by Corpay, Inc. (NYSE:CPAY) and TPG Inc. (NASDAQ:TPG). The acquisition price is set at $10 per share in cash, valuing AvidXchange at $2.2 billion, and reflects a 22% increase over AvidXchange's closing stock price of $8.20 on May 6, 2025. It also represents a 16% premium compared to the 90-day average trading price up to that date and a 45% premium over the $6.89 closing price on March 12, 2025, the last trading day before potential transaction reports began circulating in the media. Also Read: Corpay Interests Align Well With Mastercard: Analyst According to the agreement, Corpay will invest around $500 million for a 33% ownership stake in the privatized company. The transaction is anticipated to be finalized in the fourth quarter of 2025, subject to shareholder and regulatory approvals and the fulfillment of customary closing conditions. The company anticipates this transaction will positively impact Corpay's earnings starting in 2026. The structure of taking AvidXchange private offers Corpay the agility to implement changes and accelerate profit expansion. Furthermore, Corpay retains the option to acquire the remaining ownership of AvidXchange in 2028. Ron Clarke, Chairman and CEO of Corpay said, 'AvidXchange has over 8,500 highly satisfied customers in complementary verticals. It has a large merchant payment network with a combination of virtual card and ACH+ acceptance.' 'Additionally, we really like AvidXchange's business model: diverse revenue streams from payments and software, high retention rates, and very little working capital and credit exposure.' John Flynn, Partner at TPG added, 'AvidXchange is addressing this need, providing a differentiated payment network and end-to-end tools that integrate seamlessly into workflows, enabling strong connectivity between businesses and their suppliers.' As of March 31, 2025, Corpay's cash and cash equivalents stood at $1.55 billion. Investors can gain exposure to the stock via Fidelity Disruptive Finance ETF (NASDAQ:FDFF) and Managed Portfolio Series Tremblant Global ETF (NYSE:TOGA). Price Action: AVDX shares are up 18.41% at $9.71 premarket at the last check on Wednesday. Read Next: Photo via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.
Business Wire
06-05-2025
- Business
- Business Wire
Corpay Invests Alongside TPG to Acquire AvidXchange
ATLANTA--(BUSINESS WIRE)-- Corpay, Inc. (NYSE: CPAY), a leading corporate payments company, today announced that it has signed a definitive agreement to make a minority investment in AvidXchange Holdings, Inc (NASDAQ: AVDX) ('AvidXchange') as part of a transaction to take AvidXchange private alongside TPG for $10.00 per share in a cash transaction that values AvidXchange at $2.2 billion. Under the agreement, Corpay will invest approximately $500 million for a 33% equity stake in the company. The transaction is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approval and standard closing conditions. AvidXchange is a leading provider of accounts payable (AP) automation solutions to lower middle market companies with a focus on several verticals including real estate, HOA, financial institutions and media. 'We're delighted to partner with AvidXchange leadership and TPG on this transaction. We couldn't pass up the opportunity to participate in this transaction and invest in a large, complementary corporate payments business,' said Ron Clarke, Chairman and CEO of Corpay. 'We're incredibly impressed with AvidXchange's assets and capabilities. AvidXchange has over 8,500 highly satisfied customers in complementary verticals. It has a large merchant payment network with a combination of virtual card and ACH+ acceptance. Additionally, we really like AvidXchange's business model: diverse revenue streams from payments and software, high retention rates, and very little working capital and credit exposure.' 'We expect the transaction to be accretive to Corpay earnings in 2026, and the take-private transaction structure gives the company the flexibility to transform and accelerate profit growth. We have the option to buy the rest of the company in 2028.' 'Corpay has a long track record of driving value through innovative products and high-quality customer service,' said John Flynn and Tim Millikin, Partners at TPG. 'They bring an important combination of capital and insight to the transaction. We are pleased to invest alongside the Corpay team.' Goldman Sachs & Co. LLC acted as exclusive financial advisor to Corpay, and Eversheds Sutherland acted as legal counsel to Corpay. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay's assumptions and expectations regarding its investment alongside TPG in connection with the acquisition of AvidXchange, are forward-looking statements. Forward-looking statements can be identified by the use of words such as 'anticipate,' 'intend,' 'believe,' 'estimate,' 'plan,' 'seek,' 'project' or 'expect,' 'may,' 'will,' 'would,' 'could' or 'should,' the negative of these terms or other comparable terminology. These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to the completion of the acquisition of AvidXchange and our investment therein alongside TPG, including the satisfaction of any conditions thereto, our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle, retail lodging price, foreign exchange rates and interest rates trends develop as anticipated and we are able to develop successful strategies in light of these trends, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2024 Form 10-K filed with the Securities and Exchange Commission ('SEC') on February 27, 2025 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access Corpay's SEC filings for free by visiting the SEC web site at About Corpay Corpay (NYSE: CPAY), the Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g, business cards, fleet cards, virtual cards) and AP automation solutions (e.g., invoice and payments automation, cross border payments) to businesses worldwide. Our solutions 'keep business moving' and result in our customers better controlling purchases, mitigating fraud, and ultimately spending less. To learn more visit
Yahoo
28-03-2025
- General
- Yahoo
Hermitage firefighters honored for pulling man from car sinking in lake
HERMITAGE, Pa. (WKBN) – Three Hermitage firefighters are back to work Thursday after a shift last week took a dangerous turn. Last week, a car plunged into Lake Julie in Buhl Park and the firefighters were recently honored for the dramatic rescue. Hermitage Fire Chief John Flynn still has the marks on his hands — cuts and scabs. 'I got cut up pretty good from the glass and ended up with an infection,' he said. Flynn, along with Captain Lawrence Clark and Lt. Adam Prather, were the first on the scene after the car plunged into the lake with the driver still inside. 'He was panicked. He was scared because he had climbed to the front seat, to the back seat. His head and his mouth was breathing that little air pocket that was in there that was going away very quickly. I could see the water rising on his chest,' Flynn said. The car was 50 feet from the shore in eight to ten feet of water and sinking quickly. With no wet suit and no time to think, Flynn jumped in and started swimming to the vehicle. 'The hardest part was the water was just so cold,' he said. Working frantically, Flynn was able to free the man from the vehicle, getting him back to shore before EMTs took him to a Youngstown hospital. 'If that car had fully submerged and he was in there, the chances of him living through that probably weren't very good,' Flynn said. The three firefighters were honored for their heroism, recognized by the Board of Commissioners and receiving the department's Medal of Honor. 'Just the feeling of saving someone's life, you can't put it into words. It's an amazing thing,' Flynn said. All for their routine work during an irregular day. 'I do my job and I train hard for these situations, just like everybody else does in the department, just like the other two who jumped in the water. If it hadn't been me, it would've been one of the other two that jumped into the water,' Flynn said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
