Corsair-Backed TreviPay Completes Global Receivables Securitization and Sale of Non-Core Business
TreviPay closes its first global receivables securitization, replacing $175 million of asset-backed loans with a $230 million off-balance sheet facility, and sells its fuel card unit to Shell.
By TreviPay
NEW YORK – November 18, 2021 – 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, The Pay by Invoice Company, is the global B2B payments infrastructure partner for manufacturers, retailers, travel companies and banks. With our fully managed platform, intelligent apps, and 40 years of buyer intelligence, we help buyers buy, and sellers grow and get paid faster. Behind the scenes, we streamline the order-to-cash process, from fast customer onboarding and predictive marketing to smart invoicing and settlement, all powered by AI that improves with every transaction. The result is fewer errors, higher AOV, and guaranteed DSO. Enabling $11B+ in global trade annually, TreviPay operates in 32 countries and was named a Leader for Embedded Payment Applications by IDC and a top vendor in cash application by The Hackett Group.
For more information, visit www.trevipay.com.