AnaCap carves out Market Pay from Carrefour in €300m deal

The transaction, which is expected to complete in H1 2021, will see Carrefour retaining a minority stake, alongside the company's founders, Frédéric Mazurier and Isabelle Clairac, who will both maintain their leadership roles under AnaCap's control.

AnaCap deployed capital from its AnaCap Financial Partners III vehicle, which closed on €850m in 2016. The fund was 64% deployed as of August 2020.

Market Pay will remain the exclusive payments provider for Carrefour, while further diversifying its client base, expanding its product lines and boosting its internationalisation.

AnaCap also intends to support further investment in sales and marketing to maximise client reach, while focusing on improving the distribution strategy.

The transaction represents AnaCap's first investment in the French payments ecosystem. It follows eight acquisitions in the DACH region as part of a buy-and-build strategy centred around Heidelpay, a German payments business that was sold to KKR last year.

The transaction will result in the recognition of a capital gain of €245m in Carrefour's accounts.

Company
Market Pay is a provider of payment services, offering one-stop-shop services for merchants and fintech companies.

The company was established in 2016 as the payment arm of Paris-listed food retailer Carrefour, and was designed to support the group's omnichannel retail operations in its various geographies.

Market Pay helps its clients increase in-store efficiency by reducing checkout time and improving customer experience. It also helps companies boost merchant sales by providing customers with a wide range of payment methods.

The company is headquartered in Paris and operates in France, Belgium, Spain and Italy.

Market Pay handles 1.3 billion transactions per year and manages 45,000 payment terminals and 5 million cards. It employs 60 staff and expects to generate revenues in excess of €30m in 2020.

People
AnaCap Financial Partners – Nassim Cherchali (partner).
Market Pay – Frédéric Mazurier, Isabelle Clairac (co-founders).

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