Eurazeo sells its stake in Planet, the leading integrated payments company. Following this transaction, Eurazeo will jointly control the company with Advent International. According to the agreement, Planet is worth 1.8 billion euros.
For the purposes of this transaction, the total valuation of Eurazeo and its subsidiaries is 2.5 times the initial investment, and the internal rate of return is approximately 19%. Planet is a world-class integrated payment company that provides innovative products and digital services in several sectors. Examples include: food and beverage, retail, parking and finance, and hospitality.
The company offers integrated digital payment services on a single platform. The platform offers processing, acquiring, digital wallets, value-added tax refund and foreign exchange services.
By cooperating with Planet, merchants can enhance the omnichannel experience of customers while generating additional revenue through the company's value-added payment services. As part of Eurazeo and Advent's co-ownership, the company will continue to grow through a combination of organic growth and acquisitions.
Marc Frappier, a member of the executive committee and managing partner of mid-market acquisitions, said Eurazeo has always remained a preferred partner of Planet's management board.
Together, they have succeeded in transforming the company into a vertically oriented payment company. For Marc, this track record demonstrates a desire to provide the company with a solid foundation and the potential for international development. Eurazeo thus seems eager to embark on its next adventure with Planet.
Edouard Guigou, Managing Director of Large and Medium Acquisitions, added that they are pleased to be working with Advent, which has an outstanding track record in payments. This transaction is the next step in realizing Planet's vision and accelerating its growth strategy.
Last year, the French company recruited Citigroup and Evercore to sell the company formerly known as Fintrax. However, the project was put on hold after the Covid-19 crisis following the implementation of restrictive measures.
Fintrax was founded in 1985 by Gerry Barry in Galway. It was a world leader in the processing of tourism-related VAT refunds. Eurazeo bought it in 2015 for €585 million.
In early 2018, Fintrax decided to rebrand itself following the acquisition of Planet Payment, a listed US company. The deal cost a total of €219 million, half of which was funded by Eurazeo.
Planet currently has over 1,500 employees in 70 markets. It has more than 100 partner banks, and its customer base consists of more than 400,000 merchants. The company handles more than 500 million transactions worth over 20 billion euros.