Warburg Pincus, a global private equity firm focused on growth investing, announced it has entered into a definitive agreement whereby one of its affiliates will acquire 100 percent of Electronic Funds Source LLC (EFS), a provider of corporate payments systems, from an investor group including First Data Transportation Services, Inc., CTP Holdings LLC and FJ Management Inc.
Terms of the transaction were not disclosed.
EFS payment systems are universally accepted at over 11,000 EFS proprietary locations in North America.
“We are excited to partner with Warburg Pincus and look forward to leveraging their deep expertise and strategic insights in the areas of payments and financial services. This transaction enables us to move forward as an independent company and focus on a wide variety of opportunities for growth to benefit our customers,” said Scott R. Phillips, EFS President and Chief Executive Officer.
“We believe there is a significant opportunity to build on EFS’ success and enhance and expand its fleet and corporate payments solutions. We look forward to partnering with Scott and the management team as the Company continues its impressive growth trajectory,” said Jim Neary, Managing director and member of the executive management group, Warburg Pincus.
The transaction is expected to close in the second quarter of 2014.