Transactions

Calera Capital’s investment in TSG was a result of a directly negotiated, proprietary transaction in which it partnered with its founder Murray Bolton and the management team to recapitalize the business. Consistent with Calera’s strategy, TSG’s founder and management rolled forward substantial equity as part of the transaction in November 2015.

During Calera’s investment period, TSG grew its annualized payment processing volume to $4 billion, serving more than five million end customers. Company revenue doubled over this period through both strong organic growth and strategic acquisitions.

“TSG represented a terrific opportunity to invest behind a market-leading business with numerous opportunities for growth,” stated Paul Walsh, a Senior Managing Director of Calera Capital. “Through our strong operating orientation, and a terrific partnership with management, we were able to help develop and refine TSG’s target operating model to unlock this growth potential. The business has now established itself as the clear global leader in its core verticals, with an unmatched ability to successfully enter new markets and geographies.”

TSG founder Murray Bolton said, “This transaction represents the successful culmination of a seven-year relationship with Calera. They have contributed significantly to all aspects of the business, which has resulted in the substantial growth we have achieved.”

“Investing behind strong founders and management teams to help drive the performance of their business is a hallmark of our approach,” stated Jim Farrell, Managing Partner of Calera Capital. “Our partnership with Murray Bolton and the TSG management team was core to the success of our investment. We are confident they will enjoy continued success with the business and wish them well with their new partners.”

 

*Transaction completed by WHA professional while at previous firm.