Syncapay Inc’s Acquisition of Wirecard North America Inc

Noerr has advised the insolvency administrator of Wirecard AG, lawyer Dr Michael Jaffé. Ropes & Gray LLP advised Wirecard, while Kirkland & Ellis LLP served as legal counsel to Centerbridge Partners on the deal.

Wirecard Acquiring & Issuing GmbH, a fully owned subsidiary of Wirecard AG, has sold Wirecard North America Inc. to Syncapay, Inc., a US holding company focused on high potential payment solutions.

The consummation of the transaction is subject to regulatory approval. Wirecard North America is one of the market leaders in the US for the issuing of compensation, disbursement, consumer incentive and refund cards.

The acquisition is backed by the private investment management firm Centerbridge Partners L.P., which is making a majority equity investment in Syncapay, and existing Syncapay shareholders Bain Capital Ventures, Silversmith Capital Partners, MissionOG, and NYCA.

Wirecard North America is one of the market leaders in the US for the issuing of compensation, disbursement, consumer incentive and refund cards and is the second major acquisition of Syncapay after the acquisition of daVinci Payments in 2017. The firm has processed over $75 billion in payments having been acquired from Citi in 2016 for €185 million. It has around 200 staff. Wirecard North America today is also rebranding to North Lane Technologies, Inc. The brand name, North Lane, draws inspiration from Wirecard’s founding address on North Lane in suburban Philadelphia, where the company has operated since 1997.

Syncapay, Inc., based in Plano, Texas, is investing in the new frontier of payments by acquiring payments companies with disruptive technology and solutions and leveraging the many synergies between them to accelerate their growth.

daVinci based in Buffalo Grove, Illinois delivers corporate funded payments with greater value for all stakeholders. Blending art, science and a quarter-century of experience, daVinci delivers branded prepaid, push pay and beyond for businesses, their customers, employees, contractors, participants and channel partners around the world.

Centerbridge Partners, L.P. is a leading private investment management firm with extensive experience in supporting growth opportunities in the financial services sector.

Noerr team was led by Dr Florian Becker (Picture) and Dr Sascha Leske and included Dr Sascha Leske, Professor Christian Pleister, Dr Torsten Kraul, Dr Christoph Rieken, Dr Kathrin Westermann, Robert Korndörfer, Hannah Lee-Wunderlich, Hannes Butz, Johannes Pfeiffer and Aleksandra Vujinovic.

The Kirkland team advising Centerbridge was led by transactional partner Maggie Flores and included corporate partners Peter Martelli, Ben Leyendecker and Robert Pohlus and associate Jonathan Dhanawade, debt finance partners Wolfganf Nardi, Judson Oswald and Kristen Smith and restructuring associate Ann-Kathrin Ziegler, and tax partners Mike Beinus and Polina Liberman.

The Ropes & Gray team that represented Wirecard was led by private equity partner Bob Rivollier (New York) and mergers & acquisitions partner Matthew Jacobson (San Francisco), and included tax partner Benjamin Rogers (San Francisco), IP transactions partners Edward Black (Boston) and Violetta Kokolus (New York), business restructuring partners Gregg Galardi and Matthew Roose (New York), litigation & enforcement partner Chong Park(Washington D.C.), and employment, executive compensation & benefits partner Matthew Jones (Chicago).

Involved fees earner: Michael Beinus – Kirkland & Ellis; Jonathan Dhanawade – Kirkland & Ellis; Maggie Flores – Kirkland & Ellis; Benjamin Leyendecker – Kirkland & Ellis; Polina Liberman – Kirkland & Ellis; Peter Martelli – Kirkland & Ellis; Wolfgang Nardi – Kirkland & Ellis; Judson Oswald – Kirkland & Ellis; Robert Pohlus – Kirkland & Ellis; Ann-Kathrin Ziegler – Kirkland & Ellis; Florian Becker – Noerr; Hannes Butz – Noerr; Robert Korndörfer – Noerr; Torsten Kraul – Noerr; Hannah Lee-Wunderlich – Noerr; Sascha Leske – Noerr; Johannes Pfeiffer – Noerr; Christian Pleister – Noerr; Christoph Rieken – Noerr; Aleksandra Vujinovic – Noerr; Kathrin Westermann – Noerr; Edward Black – Ropes & Gray; Gregg Galardi – Ropes & Gray; Matthew Jacobson – Ropes & Gray; Matthew Jones – Ropes & Gray; Violetta Kokolus – Ropes & Gray; Chong Park – Ropes & Gray; Bob Rivollier – Ropes & Gray; Benjamin Rogers – Ropes & Gray; Matthew Roose – Ropes & Gray;

Law Firms: Kirkland & Ellis; Noerr; Ropes & Gray;

Clients: Centerbridge Partners; Michael Jaffé; Wirecard;

Author: Ambrogio Visconti