PE-backed Nets acquires Dotcard in €73m SBO

Warsaw-headquartered private equity fund MCI EuroVentures and insurance company Saltus TUW sold the asset for PLN 315m (€73.3m). MCI stated the exit was one of its largest ever, and resulted in an IRR of 40% and a 3x money multiple.

The management team of Dotcard were involved in the sale process and will continue to develop the companies in cooperation with Nets, in a bid to strengthen their position in the market and further develop their offering for merchants.

The transaction is subject to regulatory approval.

Previous funding
MCI acquired Mobiltek, the operator of online mobile payments channel Dotpay, in December 2015. The transaction was valued at PLN 116.2m, according to Unquote Data.

Hellman & Friedman cleared a 94% approval rate from shareholders in payments service Nets, triggering the take-private of the Nasdaq Copenhagen-listed firm in February 2018. GIC, Advent International, Bain Capital Private Equity and Fisher Lynch Capital are indirect minority co-investors.

Advent and Bain listed Nets in 2016, in one of the largest Nordic private-equity-backed IPOs since 2010, according to Unquote Data.

The buyout consortium listed the company just two years acquiring Nets from a group of Danish and Norwegian banks for DKK 17bn.

Company
Headquartered in Warsaw and formed in 2016 through the merger of Dotpay and eCard, Dotcard provides payment services with a focus on mobile banking. The company employs a staff of 100 and expects a turnover of €19m in 2018.

People
MCI Capital – Łukasz Wierdak (investment partner).
Nets – Bo Nilsson (CEO).
Dotcard – Andrzej Budzik (CEO).

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