Advent International’s Acquisition of Calera Capital Interest in Transaction Services Group


William Blair served as lead M&A advisor with Harris Williams also advising TSG. Skadden, Arps, Slate, Meagher & Flom LLP provided legal advisory.

Calera Capital, a leading middle-market private equity firm, signed a definitive agreement to sell its interest in Transaction Services Group (“TSG”), a global payment solutions provider, to Advent International. Terms of the transactions were not disclosed.

Calera Capital’s investment in TSG was a result of a directly negotiated, proprietary transaction in which it partnered with its founder Murray Bolton and the management team to recapitalize the business. Consistent with Calera’s strategy, TSG’s founder and management rolled forward substantial equity as part of the transaction in November 2015.

During Calera’s investment period, TSG grew its annualized payment processing volume to $4 billion, serving more than five million end customers. Company revenue doubled over this period through both strong organic growth and strategic acquisitions.

The Skadden team includes M&A partner Leif King (Picture – Palo Alto) and associates Peter Jones (Palo Alto) and Christopher Hammond (Palo Alto); Private Equity partner Richard Youle (London); Corporate counsel Steven Hannah (London) and associate Thomas Adams (London); Tax partners Edward Gonzalez (New York) and Alex Jupp (London); Intellectual Property and Technology partner Ken Kumayama; and Labor and Employment of counsel Helena Derbyshire.

Involved fees earner: Thomas Adams – Skadden Arps Slate Meager & Flom; Helena Derbyshire – Skadden Arps Slate Meager & Flom; Edward Gonzalez – Skadden Arps Slate Meager & Flom; Christopher Hammond – Skadden Arps Slate Meager & Flom; Steven Hannah – Skadden Arps Slate Meager & Flom; Peter Jones – Skadden Arps Slate Meager & Flom; Alex Jupp – Skadden Arps Slate Meager & Flom; Leif King – Skadden Arps Slate Meager & Flom; Ken Kumayama – Skadden Arps Slate Meager & Flom; Richard Youle – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: Calera Capital;

Author: Ambrogio Visconti