The completed purchase of electronic payment
provider RBS WorldPay by private equity firms Advent International
and Bain Capital has been announced.
of Scotland will hold a minority share in the
business but the dropping of RBS from the firm’s name to simply
‘WorldPay’ signifies a break from the troubled financial services
The new company has added high profile
industry specialists, including former GlobalCollect Chief
Operating Officer Floris de Kort, to its management team and has
committed to investing £200m into growing its global business.
WorldPay is the largest provider of card
payment services in the UK and Europe and the fourth largest
globally. Through its Streamline brand underpins almost half of all
UK high street card transactions. In 2009, the business processed a
total of 6.8bn transactions worldwide with a value of
“Independence and private ownership give us
the potential to transform the payments industry through long term
investment in our technology, our people and our business,” said
Ron Kalifa, CEO of WorldPay.
“We are committed to supporting the growth of
our customers’ businesses by touching as many transactions as
possible, every minute of every day around the world.”
The management board which will lead the
business includes two new appointments to the existing team. Floris
de Kort joins as managing director of e-commerce from e-payment
services provider GlobalCollect where he was chief commercial
officer. Peter Smith will join as chief human resources officer in
January from Burger King in the US, where he held a similar role.
Stephen Hart continues as chief financial officer, together with
Raghav Prasad as head of the UK Streamline business and Ian
Stuttard as head of WorldPay US. Advent International will be
represented by managing director James Brocklebank and Bain Capital
by managing director Robin Marshall.
“WorldPay is already a strong business with a
leading position in its markets, and I am pleased that the sale has
been extremely well received by our customers,” said Kalifa.
“We now look forward to building on the first
class service that our clients have come to expect, under the joint
ownership of Advent International and Bain Capital. I am also
delighted to have the continuing support of RBS Group, through its
minority stake in the business, to the benefit of our existing
relationships with customers and suppliers.”