Corsair Capital to acquire MSTS from World Fuel Services Corporation

Private equity firm Corsair Capital is to acquire MSTS, a US-based B2B payments company, from World Fuel Services Corp. Following this acquisition, MSTS will operate as a standalone company and its current president Brandon Spear will continue in the same role.

Speaking on the acquisition, Jeremy Schein, partner at Corsair Capital said, “The B2B payments market continues to shift towards digitisation and automated processes, and we see tremendous growth potential for MSTS given the company’s significant sales momentum and customer pipeline, scalable platform with recurring revenue streams, and opportunities to expand both its product offerings and geographical footprint.”

MSTS operates in over 190 countries and the company focuses on B2B payments and credit solutions. The company has an accounts receivable solution for billing processes and pricing agreements, as well as a credit solution for collections. According to the company, it processes over $5 billion transactions annually for clients, in over 15 currencies.

Corsair Capital will acquire MSTS from World Fuel for $350 million, consisting of $275 million at closing and a deferred payment of $75 million of which $50 million would be conditioned on Multi Service’s achievement of financial targets though 2022. The closing of the transaction is subject to regulatory approval and is expected to close later this year, the press release noted.