On September 27, 2017, Novacap and Caisse de dépôt et placement du Québec (Caisse) completed an investment in Pivotal Payments (Pivotal), a Québec business that specializes in payment processing solutions and merchant services (the Transaction). The Transaction values Pivotal at approximately $525 million.
The new shareholders, who have extensive expertise in international business expansion, will enable Pivotal to pursue its plan to acquire new payment and fintech solutions and expand into new markets.
With operations throughout North America and Europe, Pivotal serves more than 50,000 merchants and over US$14 billion is transacted on its various platforms every year.
In addition to the services it provides to traditional point-of-sale businesses, Pivotal also offers global e-commerce solutions, advantageously positioning the company to benefit from this sector’s significant growth and from integrating with payment-enabled software companies.
Novacap and Caisse were represented in-house by Bruno Duguay and Josiane Turcotte (Legal Counsel to Novacap), Sophie Lussier (Senior Director, Legal Affairs to Caisse) and by Fasken Martineau DuMoulin LLP with a team composed of Denis Chaurette, Michel Boislard, Caitlin Rose, Kiran Singh, Alexandra Lazar and Jonathan Raizenne (corporate/M&A).
Pivotal was represented by Stikeman Elliott LLP with a team composed of John Leopold, Howard Rosenoff, Warren Silversmith, Hélia Taheri and Jordan Dawson (corporate/M&A), Sylvia Avedis (financing), Frank Mathieu and Nathaniel Lacasse (tax), Stephanie Weschler and Stephanie Pasternyk (employment), Michel Legendre (benefits) and Jeff Brown (regulatory).
Bank of Montreal, the administrative agent for the lenders, was represented by Dentons Canada LLP with a team composed of Joel Cabelli, Marie-Josée Couture, Jacqueline Rowniak and Catherine Dostaler, as well as Doug Wingo of Dentons US.