Industry News

TMCNet:  Corsair Capital to Acquire MSTS From World Fuel Services

[July 30, 2020]

Corsair Capital to Acquire MSTS From World Fuel Services

Corsair (News - Alert) Capital LLC ("Corsair"), one of the longest standing private equity firms focused on business and financial services, today announced that it has entered into a definitive agreement to acquire MSTS, a global B2B payment and credit solutions provider, from World Fuel Services Corporation (NYSE:INT).

As a standalone business, MSTS will be better positioned to capitalize on the substantial growth opportunities in the B2B payments market while continuing to rapidly expand its technology platform and CaaS offering both organically through new customers and through strategic acquisitions. The transaction builds on Corsair's significant experience investing in and supporting growth at payments and financial technology companies including REPAY, Spring Venture Group, IDnow, Axo AS, and RGI.

"The B2B payments market continues to shift towards digitization and automated processes, and we see tremendous growth potential for MSTS given the company's significant sales momentum and customer pipeline, scalable platform with recurring revenue streams, and opportunities to expand both its product offerings and geographical footprint," said Jeremy Schein, Partner at Corsair Capital. "MSTS' dedication to solving complex business challenges for its customers through innovative AR processing and credit solutions makes it a natural fit within Corsair's portfolio. We look forward to working closely with the outstanding MSTS team to position the company for long-term growth and success."

MSTS is a global B2B payment and credit solutions provider specializing in commercial transaction management, facilitating transactions for customers in over 190 countries. The company's AR processing solution enables users to optimize the billing process, support complex pricing agreements, and reduce errors and costs to clients, while its credit solution reduces friction associated with collections, recovery rates, and enabls an easier access to credit. MSTS processes over $5 billion in transactions on behalf of clients annually, in more than 15 currencies.


MSTS President Brandon Spear will continue to lead the standalone company.

"We are thrilled to welcome Corsair as our new, long-term strategic and financial partner," said Mr. Spear. "Corsair has an exceptional reputation and experience with payments and financial technology companies, and we look forward to leveraging the team's deep sector expertise and global network in our next chapter of growth as a standalone company. We are confident that with Corsair's support, we will continue to expand our business, provide our customers with unmatched solutions and remain at the forefront of our industry."

Keefe, Bruyette & Woods, Inc. acted as Capital Markets Advisor to Corsair Capital in the transaction and Simpson Thacher & Bartlett LLP and Chapman & Cutler LLP acted as Legal Advisors. Credit Suisse acted as Financial Advisor to World Fuel Services in the transaction and Cravath, Swaine & Moore LLP acted as Legal Advisor. The closing of the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close later this year.

About Corsair Capital

For the past 28 years, Corsair Capital has invested in many of the sub-sectors that comprise the financial services ecosystem in Europe and North America, and has developed a leading practice aligning with strong management teams and co-shareholders to grow specialist businesses. In particular, Corsair has focused on businesses that operate at the cross roads of technology transformation and financial services complexity and that require a deep understanding of, and a global network within, the broad financial industry. More information about Corsair Capital may be accessed through the website www.corsair-capital.com.

About MSTS

MSTS is a financial technology company, working globally with B2B companies across transportation, manufacturing, retail and eCommerce. MSTS' Credit as a Service solution accelerates business commerce by streamlining payments and A/R processes. On behalf of its clients, MSTS processes over $5 billion in transactions a year. MSTS, a wholly-owned subsidiary of World Fuel Services Corporation, has 40 years of experience underwriting businesses for credit and facilitates transactions for its customers in more than 190 countries and territories. For more information, visit https://www.msts.com.


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