Corsair-Backed TreviPay Completes Global Receivables Securitization and Sale of Non-Core Business Unit

Rhea-AI Summary

Corsair has announced that its portfolio company, TreviPay, has successfully closed its first global receivables securitization, shifting from $175 million in on-balance sheet loans to a $230 million off-balance sheet securitization. Additionally, TreviPay has sold its Multi Service Fuel Card business to Shell Oil Company. Corsair, which acquired TreviPay in September 2020, aims to drive the firm's growth in the B2B payments sector, emphasizing its commitment to long-term success.

Positive

• Successful completion of a $230 million off-balance sheet securitization.
• Sale of Multi Service Fuel Card business unit to Shell Oil Company enhances focus on core operations.
• Achievement of strategic goals ahead of schedule supports future growth plans.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Corsair, a leading private equity firm targeting services, software, and payments investments in the financial services ecosystem, today announced that its portfolio company TreviPay (the “Company”), a leading B2B payments business, has closed its first global receivables securitization, replacing $175 million of on-balance sheet asset-backed loans (ABL) with a growth-oriented and operationally flexible $230 million off-balance sheet (OBL) securitization. Corsair also announced that TreviPay has completed the sale of its Multi Service Fuel Card business unit to Shell Oil Company.

“When we partnered with CEO Brandon Spear and the TreviPay team just over a year ago, we identified a strategic plan to complete this securitization and non-core business unit sale by 2022,” said Corsair Partner Jeremy Schein. “We are pleased to have achieved this goal well ahead of schedule, allowing us to focus on executing our organic and inorganic growth strategies to position the Company for long-term success. We’re excited for TreviPay’s bright future as a leader in the growing B2B payments space.”

Corsair completed a complex carveout and acquired TreviPay, formerly known as MSTS, in September 2020 from World Fuel Services Corporation (NYSE:INT). Corsair has significant experience investing in and supporting growth at payments and financial technology-enabled companies including REPAY, Spring Venture Group, IDnow, Axo AS, and RGI.

About TreviPay

TreviPay is a global financial technology company specializing in complete digitization of B2B payments through secure trade financing to drive enhanced customer loyalty. The Company supports merchants by streamlining the purchasing experience and supporting increased customer interaction in B2B Commerce, facilitating $6 billion USD in transactions per year in 18 currencies for customers in more than 27 countries. To learn more about TreviPay, please visit TreviPay.com.

About Corsair

Corsair is a global specialist investment firm offering opportunities for investors and solutions for companies across financial & business services and infrastructure. The firm has almost three decades of experience partnering with businesses at the crossroads of technology transformation and financial services complexity and established its complementary infrastructure investment practice in 2015. Corsair has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211118005446/en/

TreviPay

The Fletcher Group

Alissa@fletchergroupllc.com

Alissa Liotti, +1 647-390-9085

Corsair

Sard Verbinnen & Co.

Corsair-SVC@sardverb.com

Benjamin Spicehandler / Brandon Pinto, +1 212-687-8080

Source: Corsair

FAQ

What recent financial move did TreviPay undertake?

TreviPay closed a $230 million off-balance sheet securitization, replacing $175 million in asset-backed loans.

Who acquired TreviPay and when?

Corsair acquired TreviPay in September 2020 from World Fuel Services Corporation.

What did TreviPay sell recently?

TreviPay sold its Multi Service Fuel Card business unit to Shell Oil Company.

How much in transactions does TreviPay facilitate annually?

TreviPay facilitates $6 billion in transactions per year across 18 currencies.