Funds advised by CVC Capital Partners ("CVC") today announced the acquisition of a controlling stake in Skrill, a leading provider of alternative payment solutions to the online industry regulated by the UK Financial Conduct Authority, from a consortium of investors led by Investcorp who will remain as a shareholder.
Founded in 2001, Skrill is one of Europe's largest online payment systems and among the world's largest independent digital wallet providers with over 35 million account holders and 150,000 merchants using its payment gateway solution. The Skrill Digital Wallet enables any customer to make online payments conveniently and securely, as well as to send and receive money online cost-effective. In addition, Skrill Paysafecard cash vouchers provide a convenient and secure way to pay online to over 2 million customers in Europe. Skrill's mission is to be the preferred choice to pay and get paid globally.
With revenues of over €200m in 2012, Skrill employs circa 700 people. Siegfried Heimgaertner, President and CEO of Skrill said: "We are delighted to have CVC on-board whilst retaining Investcorp as a significant investor, as we continue our evolution and growth as a global payments provider. CVC's global reach and experience will support our goal to become the first choice in payments on a global basis. The value-based transformation we began in 2012 will continue unabated through this year and into 2014. We believe our Consumers, Merchants and Employees will be excited about the prospects that this new investment and partnership will bring to the world of online payments."
Peter Rutland, Senior Managing Director of CVC Capital Partners said: "Skrill is a high quality business that has demonstrated its ability to grow rapidly into a market leading provider of online payments serving the online gaming, gambling, digital media and e-commerce industries. We are pleased to have the opportunity to invest in Skrill and support its management team as they continue to grow their range of online payment options across the globe."
The completion of the transaction is subject to customary competition clearances and regulatory approvals.
CVC was advised by Jefferies International, Clifford Chance, Bain and Company and PwC. Investcorp and Skrill were advised by Barclays, SJ Berwin, Travers Smith, Freshfields Bruckhaus Deringer, PwC and Anthemis Group.
Crédit Suisse, Jefferies International and Royal Bank of Scotland have provided fully committed senior debt financing for the transaction.