Worldpay Begins Operating as Independent Company
Majority-Owner GTCR to work with Worldpay Management and FIS to Optimize Performance and Accelerate Growth
As an Independent Company, Worldpay to Accelerate Investments in Product Development, Technology and Client Solutions
Longtime Leader Charles Drucker Returns to former Role as CEO
CINCINNATI, February 1, 2024 – Worldpay, LLC, (the “Company”), a global industry leader in payments technology and solutions, announced today that it has closed upon its previously announced sale and will now operate as an independent company. The Company will be overseen by leading private equity firm GTCR, with a 55% majority ownership interest, while FIS® (NYSE: FIS), a global leader in financial services technology, will retain a 45% ownership interest. In conjunction with the closing of the sale, Charles Drucker has resumed his former role as CEO and will work to optimize performance and accelerate growth.
As an independent company, Worldpay is committed to bringing greater levels of value, innovation and service to clients through increased investment in product development, technology and client solutions. The Company also plans to pursue strategic acquisitions across verticals and geographies to further enhance its ability to serve clients and expand its market opportunities. GTCR has committed an additional equity capital investment of up to $1.3 billion to pursue these opportunities.
“I couldn’t be more excited to help lead the next chapter of Worldpay’s growth story as an independent company,” said Charles Drucker, CEO of Worldpay. “We will be faster and nimbler while bringing even more value to our clients and partners. The Worldpay team is passionate about payments and their clients, and together we will forge the future of this evolving industry. I’m also pleased to continue a strong partnership with FIS to preserve the end-to-end value proposition that has already benefitted so many of our clients.”
“Worldpay is a global leader in the payments sector with a strong history of innovation and product delivery. Today marks an important milestone, beginning the next phase of the company’s growth and innovation,” said Collin Roche, GTCR Co-CEO and Managing Director. “As we approached this date, it has been clear that Worldpay’s exceptional team of payment and technology professionals is energized by the company’s return to independent operations under the leadership of Charles. With its rich legacy, advanced technology and unique delivery-oriented culture, we are confident that Worldpay will once again set the standard for this industry.”
Added Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR, “We are thrilled to work with Charles and the talented and experienced team that he has assembled to lead the company. We are confident that clients will benefit from further enhancement of Worldpay’s offerings and a more agile customer-oriented approach as an independent company. We are equally enthusiastic about our partnership with FIS and our ability to work together to drive growth and value at Worldpay.”
As part of the transaction, Worldpay and FIS have entered into a long-term commercial relationship, maintaining a strong strategic go-to-market partnership that provides both Worldpay and FIS clients continued access to a broad set of complementary solutions.
“Worldpay is well positioned for enhanced growth, and we look forward to continuing the strong partnership forged between our companies through our new commercial agreements,” said Stephanie Ferris, CEO and President of FIS. “I’m incredibly excited by the bright futures ahead for both FIS and Worldpay and the clients we serve.”
Cincinnati, Ohio will serve as Worldpay’s Global Corporate Headquarters and London, United Kingdom will serve as the Company’s International Headquarters.
JPMorgan Chase Bank, N.A., Goldman Sachs, Citi, Wells Fargo Bank, National Association, Deutsche Bank Securities Inc. and UBS Securities LLC are providing debt financing support for the transaction. Citi, Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and UBS Securities LLC also served as lead financial advisors to GTCR. Raymond James & Associates, Inc., William Blair, TD Cowen and Piper Sandler & Co. also served as financial advisors. Kirkland & Ellis LLP provided legal counsel and Paul Hastings LLP provided regulatory legal counsel.
Worldpay is an industry leading payments technology and solutions company with unique capabilities to power omni-commerce across the globe. Our processing solutions allow businesses of all sizes to take, make and manage payments in-person and online from anywhere in the world. Annually, we process over 40 billion transactions across 146 countries and 135 currencies. We help our customers become more efficient, more secure and more successful. To learn more, visit worldpay.com or follow us on LinkedIn, X, and or Facebook.
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $25 billion in over 270 companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.