European investment major Eurazeo has agreed to sell its stake in integrated payment system Planet at a €1.8bn enterprise value. The deal will generate a 2.5x return and about 19% IRR since its acquisition in 2015.
Eurazeo said it would reinvest and co-control the company with fellow private equity house Advent International.
Planet provides payment services for business including retail, hospitality, food and beverage, parking and financial sectors to cover digital wallets, VAT refund and currency conversion.
Marc Frappier, managing partner of mid-large buyout at Eurazeo, said, “Eurazeo has been a partner of choice for Planet’s management to transform the company into a vertically focused payments company.
“Since 2015, Planet has tripled in size from both organic growth and strategic acquisitions. This journey exemplifies our strategy: empowering businesses with strong fundamentals and potential to scale internationally. We look forward to accompanying Planet in the next stage of its journey.”
Eurazeo attained another successful exit last month after agreeing to sell powersports and truck online advertising specialist Trader Interactive at a $1.6bn enterprise value, marking a 2.8x return since its investment in 2017.
On the fundraising side, the firm launched a €300m fundraise targeting decarbonisation of maritime economy in April. Its subsidiary Idinvest also stuck a €80m initial close in February for its second smart city investment fund.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/eurazeo-makes-2-5x-return-on-investment-in-fintech-planet-reinvests-with-advent-international.html
