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.