Bain and Advent sell down £740m stake in WorldPay

Following the sale, the GPs will retain a 28% stake in the company.

WorldPay listed on the London Stock Exchange with a £4.8bn market cap in October 2015, with selling shareholders – including Advent, Bain, management and employees – reaping £1.2bn.

Barclays, Goldman Sachs, Merrill Lynch and Morgan Stanley acted as joint bookrunners for the placing.

Previous funding
Advent and Bain acquired the card payment service (then RBS WorldPay) from the Royal Bank of Scotland for an enterprise value of £2.025bn in 2010.

The deal, which also included a £200m contingent consideration, saw RBS retain a 19.9% stake in the company, with the private equity investors splitting the remainder. The investments came from Advent's GPE VI fund, and Bain's Fund X and Bain Capital Europe III.

WorldPay secured a £700m refinancing in 2013, including a dividend recap for the private equity owners. The refinancing package was broken down into several denominations, with £250m raised in sterling, £137.5m raised in euros and £312.5m raised in dollars. The new loans were at the time thought to be maturing in 2019. Around £340m of the new facility was believed to have been used to pay a dividend.

Company
WorldPay offers payments processing technology and services for merchant customers. It was founded in 1989 and is based in London.

WorldPay generated £863.4m in revenues and EBITDA of £374.7m in 2014. In the six months to June 2015 it generated £465.7m with EBITDA of £182.6m.

People
WorldPay – Philip Jansen (CEO).

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