FPE Capital and Bestport Ventures announce successful sale of Creditcall to NMI

21st February 2018

FPE Capital (“FPE”) and Bestport Ventures (“Bestport”) are successfully exiting their investment in Creditcall, a payments solutions company, headquartered in Bristol, UK.

FPE, who recently completed the raise of a new £100m fund, partner with high growth UK-headquartered technology-enabled SMEs, including those in the fintech sector. Bestport invests in fast growing UK based MBO and development capital opportunities. FPE and Bestport invested in Creditcall in 2012 and have supported the company investing in its robust technology platform. Creditcall’s omni-channel payment gateway is recognised as the payment middleware of choice for major ISVs, ISOs and payment institutions enabling them to offer to their partners and customers market-leading payment acceptance functionality.

Creditcall is being acquired by NMI, a leading provider of payments enablement technology. NMI empowers ISOs, VARs, ISVs and payment facilitators to offer branded, white-label payment gateway services without building or maintaining their own technology. NMI’s acquisition of Creditcall reflects the ongoing growth investment and commitment of NMI’s private equity investors, Francisco Partners and Great Hill Partners.

The investment has been led by Dan Walker, Partner at FPE Capital and James Stoddart, Partner at Bestport

During FPE and Bestport’s ownership Creditcall has expanded internationally most significantly in the USA, trebled the number of employees, and more than tripled its revenues. After a period of investment in its products and solutions, Creditcall has expanded from its core offering of payment functionality in parking, ticketing, transportation and vending industry verticals, and moved into the world of retail and hospitality. In these markets, payment functionality and transactional data capture is increasingly required in an omni-channel format. This transition has been driven by an experienced team, led by CEO, Lars Pedersen, who joined the business in 2014 and refocused the company onto the opportunities presented by the USA transition to EMV payment standards. Consequently, FPE and Bestport successfully realised a 4.2x return, and Creditcall’s recurring revenue growth rate is approximately 40% p.a.

David Barbour, Managing Partner at FPE Capital, commented: “We are delighted to have helped Lars and his team at Creditcall to make such great progress in transforming this business. Our strategy of aggressively reinvesting in our portfolio companies to enable them to increase the rate of growth in their recurring revenues was central to helping Creditcall reach this point. We are grateful for the dedication and hard work of all the Creditcall employees and believe that the combination with NMI is one that will drive the group onto new heights. We wish them well for the future.”

James Stoddart, Partner at Bestport and board director at Creditcall, said: “We are very proud of the growth that Creditcall has achieved during our period of ownership. The business has been transformed due to a clear strategy to increase the rate of recurring revenue growth by investing in broadening the product range and hiring an excellent team. Bestport like to partner with management teams and congratulate the Creditcall team on its first class execution and great leadership..

Lars Pedersen, CEO of Creditcall, said “It has been critical to Creditcall’s development to partner with growth-minded investors such as FPE and Bestport who have supported high levels of investment in the business and a focused organic growth strategy. The team at Creditcall are extremely excited by the opportunities presented by partnering with NMI. Together our solutions will offer our partners and customers an unrivalled payment experience and accelerate our penetration of the USA market.

Roy Banks, CEO of NMI, commented: “The global payment technology requirements of today’s merchant are more complex than ever—they need to accept and process payments in all sales channels and environments. The need for a single vendor and platform that seamlessly integrates and simplifies the complexities of card-present and card-not-present payments has never been greater. The combination of NMI and Creditcall delivers a true omni-channel solution with NMI’s market-leading card-not-present white-label payment gateway platform and Credticall’s EMV technology and card-present expertise. We are excited to partner with the Creditcall team.”

Headquartered in Bristol, UK, Creditcall now operates in 37 countries and has over 100 employees. Creditcall’s contribution to the UK economy and international trade has previously been recognised with a Queen’s Award for Enterprise. In addition to FPE and Bestport, minority shareholders in Creditcall include Shackleton Ventures as well as members of the management team.

Arma Partners (“Arma”) and Charles Russell Speechlys (“CRS”) advised the shareholders of Creditcall, and Kirkland & Ellis (“K&E”) advised NMI in the transaction.

ENDS

For further information, please contact:

For FPE:

David Barbour, FPE Capital +44 (0)20 3912 8801

Reg Hoare, Managing Director, MHP Communications +44 (0)20 3128 8793

Jade Neal, Director, MHP Communications +44 (0)20 3128 8215

For Bestport

James Stoddart, Bestport Ventures +44 (0)7770 750304

FPE Capital LLP is a growth-focused private equity investor in the UK lower mid-market. It targets businesses with recurring revenues that offer significant growth potential in large markets undergoing structural change. It is authorised and regulated by the Financial Conduct Authority. www.fpecapital.com

Bestport Ventures LLP provides supportive capital for cash generative, ambitious, fast-growth UK companies. Bestport offers investors access to high quality investment opportunities in businesses in the lower mid-market Private Equity segment in the UK. Bestport investors include institutions, family offices and private individuals. It is authorised and regulated by the Financial Conduct Authority.

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