Carlyle's Comdata carves out PayCare from PE-backed Nexi

Alessia Argentieri
01 March 2019

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Carlyle-backed business process outsourcing provider Comdata has wholly acquired Italy-based contact centre specialist PayCare from PE-backed Nexi, a provider of payment services.

This deal follows the sale of Oasi, purchased by FSI's fintech business Cedacri from Nexi for €151m in January.

Nexi is owned by private equity firms Bain Capital, Advent International and Clessidra. The company was established in 2017 by combining several businesses, including Istituto Centrale delle Banche Popolari Italiane, which the three private equity firms acquired in June 2015 in a deal valued at €2.15bn. The three owners of Nexi are considering a potential IPO this year and have selected Evercore to advise on the process.

Carlyle Group acquired a majority stake in Comdata via its €3.75bn Carlyle Europe Partners IV fund for around €300m in December 2015. A club of seven banks including Banca Intesa, BNP Paribas, BPM, Crédit Agricole, Natixis, Societe Generale and Unicredit provided a debt package of €210m to support the deal.

The acquisition of PayCare follows Comdata's acquisition of Paris-based CCA International, Digitex, Wind 3, Overtop and B2S, which was rebranded as Comdata France.

Comdata has 42,000 employees in Europe and Latin America, more than 550 customers in various industries including telecoms, energy, banking, finance, insurance and retail, and generates annual revenues of around €800m.

Company
Headquartered in Florence, PayCare provides contact centre services for financial institutions and has a strong presence in central Italy. The company is part of the Nexi group, which specialises in business process outsourcing for banks. Paycare employs 200 staff.

People
Comdata – Massimo Canturi (CEO).

Advisers
Acquirer – Latham & Watkins (legal).
Vendor – Gianni Origoni Grippo Cappelli & Partners (legal).