PE-backed ICBPI nets DB Card Acquiring for €30m

ICBPI acquired the business through its sister company CartaSi for €30m. As part of the deal, CartaSi and the targeted company inked a marketing and distribution agreement of five years – extendable for another five years – that stipulates Deutsche Bank continue to provide its services to existing customers and offer its network of Italian bank branches as referral centres and distribution channels in exchange for management and distribution fees.

The deal is subject to approval from Italian authorities and will also require consent from Visa and MasterCard.

According to a statement, the company supported the acquisition through the issuance of €600m senior secured PIK toggle notes due in 2012.

The company used the €600m bond to support its recent acquisition of Monte dei Paschi di Siena's merchant acquiring business for €520m, and a 92.4% stake in Italian business process outsourcer Bassilichi for €120m, purchased in December 2016 in a deal valuing the business at €230m EV.

Including the acquisition of payment processing platforms Setefi and Intesa Sanpaolo Card for €1bn in May 2016, the deal marks the fourth acquisition since the company's PE-backed MBO in June 2015.

Company
DB Cards is the Italian merchants acquiring business branch of Deutsche Bank. The company claims a client-base of 15,000 Italian retailers and 19,300 points of sale.

People
Bain Capital Europe – Luca Bassi (managing director).
Advent International – Jeffrey Paduch (managing director).
Clessidra – Maurizio Bottinelli (head of investment team).
Istituto Centrale delle Banche Popolari Italiane – Paolo Bertoluzzo (CEO).

Advisers
Acquirer – Mediobanca (M&A).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Portfolio management
• Financials
• Southern Europe
• Italy
• Advent International
• Bain Capital Europe
• Clessidra Capital Partners