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Private equity in action - Case Study

Worldpay

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Country United Kingdom
Region London
Investor Advent International & Bain Capital
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When Advent International and Bain Capital carved out Worldpay from RBS in 2010, the company had strong customer heritage, global scale and a first mover position in e-commerce, but it needed a new strategic direction and significant investment to improve its technology and customer offering. The private equity firms separated the business from its parent, in what was a highly complex process, helped management redefine Worldpay’s strategy, assisted with seven acquisitions and supported a significant technology investment programme. As a result, earnings grew 11% a year between 2012 and 2014. Worldpay went public in October 2015 with a market capitalisation of £4.8bn, making it the UK's fourth largest IPO ever. Worldpay was subsequently sold to Fidelity National Information Services in 2019, in a deal worth $43bn.

Ron Kalifa

Deputy Chairman

Worldpay

Independence and private ownership allowed us to become a global leader in payments through long-term investment in our technology, our people and our business. Quotation Marks Graphic
2,500

jobs created 2010-2015

>£1bn

investment in tech, M&A, people & products

What did the business need?

  • Assistance with separation from former parent RBS
  • Investment and expertise to develop technology
  • Strategic input to define a clear mission and broaden the product offering
  • Preparation for transition to public market ownership

How did private equity backing create lasting value?

  • Separated the business from its parent, creating an independent technology platform
  • Established a strategic blueprint for each division
  • Supported around £400m investment in new technology; invested around £300 in seven strategic acquisitions
  • Created new organisational structure and hired industry-leading talent to company and board
  • Supported product innovation

What outcomes did private equity investment achieve?

  • Created over 2,500 new jobs primarily in Europe between 2010 and 2015
  • Grew underlying earnings by 11% per annum
  • Built new stand-alone technology platform

More information

Worldpay

Advent International

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