Novacap, a Canada-based private equity firm, announced on Wednesday its portfolio company and payments tech platform Nuvei has acquired payment services SafeCharge International Group Limited for $889 million.
According to Novacap, the acquisition creates a global leading payment solutions provider with significant scale, able to service clients of any size across the world. Montreal, Quebec, will become the worldwide headquarters for the combined organization.
“Novacap played a critical role in this transformative and complex acquisition, which saw SafeCharge being privatized from the AIM stock exchange in London at a valuation of US $889 million. Nuvei’s acquisition of SafeCharge was done with great support from Novacap and Caisse de dépôt et placement du Québec (CDPQ).”
While sharing more details about the partnership, David Lewin, Partner at Novacap (TMT), stated:
“By marrying SafeCharge’s market-leading technology and Nuvei’s established distribution channels in the US and Canada, Nuvei will now be able to deliver fully-supported payment solutions to its clients and distribution networks, regardless of size, vertical or geography.”
Pascal Tremblay, Novacap’s President and Managing Partner (TMT), also commented:
“I would like to thank our partner Philip Fayer for being the driving force behind this acquisition, while continuing to successfully excute on Nuvei’s strong growth potential, as well as CDPQ, our partner in Nuvei, for their constant support. I am very happy to say that Safeharge is the largest acquisition in Novacap’s 38 year history making Nuvei another Novacap platform that is a leader in its industry with headquarters in Montreal.”
Philip Fayer, Nuvei’s Chairman and CEO, added:
“Without Novacap and CDPQ, Nuvei would not have been able to complete this acquisition,. I am very proud to have them as my partners.”