Novacap seals biggest-ever buyout with $889m Safecharge deal

Canadian private equity house Novacap has made its largest-ever acquisition through the $889m bolt-on of Safecharge to its existing portfolio business Nuvei.

SafeCharge provides global omni-channel payments services, ranging from card acquiring and issuing to payment processing and checkout, underpinned by risk management.

The deal comes two years after Novacap teamed with pension fund Caisse de dépôt et placement du Québec for the $430m buyout of Pivotal Payments, which they rebranded to Nuvei last October.

Novacap partner David Lewin said, “By marrying SafeCharge’s market-leading technology and Nuvei’s established distribution channels in the US and Canada, Nuvei will now be able to deliver fully-supported payment solutions to its clients and distribution networks, regardless of size, vertical or geography.”

Novacap closed its fifth tech buyout fund in 2017, soaring past its target by 40 per cent to round up $840m.

It closed its fourth Industries fund above target at $470m a year earlier.

Other recent deal activity from the firm has included the exit of virtual data room and secure document sharing business Firmex to Vertu Capital and BDC Capital.

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