Innova to buy PayPoint's Romanian division

PayPoint will use the proceeds from the sale to focus on its core UK market. 

The GP has most recently been investing from Innova/6, which held a final close in September 2019 on €271m and typically targets later-stage investments in medium-sized companies with enterprise values of €50-150m based in eastern Europe. 

The sale is subject to competition and regulatory approvals.

Company
PayPoint has been operating in Romania since 2007. Based in Bucharest, it partners with local retailers through 19,000 sites to help people make cash bill payments, money transfers, road tax payments and mobile phone top-ups.

The company in 2019 generated revenues of £69.7m, adjusted EBITDA of £7.3m and a profit before tax of £6.8m. According to its LinkedIn page, it employs 51-200 staff.

People
PayPoint – Nick Wiles (CEO).

Advisers
Vendor – EY (financial due diligence); Mills & Reeve (legal).

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• Topics
• Buyouts
• CEE
• Romania
• Innova Capital
• Small-cap buyout
• EY (Ernst & Young)
• Mills & Reeve