Press Release, Utrecht, 11 July 2022 – Buckaroo has signed an agreement to acquire SEPAY, a successful Point-of-Sale payment service provider in the Benelux. The majority stake was acquired with the support of Keensight Capital, a leading private equity firm focused on pan-European Growth Buyout [1] investments and the majority shareholder of Buckaroo.
Founded in 2005 and headquartered in The Hague, SEPAY is a fast-growing payment provider specializing in Point-of-Sale payment solutions across the Benelux. Thanks in part to its credit card acquiring capabilities and highly efficient merchant onboarding process, SEPAY has distinguished itself with a comprehensive and highly competitive POS solution for both mobile and fixed payment terminals. The company currently serves more than 13,500 customers and has built a strong position in the retail sector across the Benelux and Germany.
Buckaroo sees this acquisition as the next strategic step in strengthening its position in the SME market and expanding its omnichannel payment offering for both existing and new customers. SEPAY is Buckaroo's second strategic acquisition in a short period, following the acquisition of Sisow in 2021. Together, the combined group will serve approximately 27,000 customers and process around €10 billion in transaction volume.
"We are delighted to welcome SEPAY to Buckaroo. The e-commerce landscape is evolving rapidly and requires a complete payment solution. Combining Buckaroo and SEPAY creates a strong competitive position in the payments market with an omnichannel payment solution that also enables in-store payments across Europe. This allows businesses with both local and international ambitions to get paid wherever they operate," said Paul Scholten, CEO of Buckaroo.
Tamás Fogl and Herman Roebersen, owners and management of SEPAY, commented: "We are more than excited to become part of the Buckaroo Group. As a highly efficient acquirer in the offline payments sector, we saw many exciting opportunities and synergies in joining forces with a strong e-commerce PSP such as Buckaroo. We are fully committed to the future success of this combination and look forward to working with Paul and his team."
"With this acquisition, Keensight Capital reaffirms its continued support for Buckaroo's growth strategy. It once again demonstrates the company's ability to act as a natural consolidator within the PSP market. The strong complementarity between Buckaroo and SEPAY will further position the Group as a leading player across the entire payments market, enabling customers to benefit from market-focused payment solutions through a single provider. We look forward to continuing to support Buckaroo as it scales its business, broadens its offering, and expands its geographic footprint," added Stanislas de Tinguy, Partner at Keensight Capital.
The completion of the acquisition remains subject to customary closing conditions and regulatory approvals.
Founded in 2005 (the same year as Buckaroo), SEPAY is a fast-growing licensed payment institution and acquirer employing 25 highly motivated and skilled payment professionals in the Netherlands. SEPAY serves 13,500 customers, operates 18,000 payment terminals, and manages 25,000 contracts, including transaction service agreements without terminals. The company has built a highly innovative, resilient, and profitable business, with a revenue model primarily based on subscriptions and transaction fees. By offering flexible options to lease, purchase, or rent POS devices for SME customers, combined with seamless automated onboarding and monitoring capabilities, SEPAY enables customers to start accepting payments as early as the next day.
Keensight Capital, one of Europe's leading Growth Buyout firms, is dedicated to supporting entrepreneurs in implementing their growth strategies. For more than 20 years, the Keensight Capital team has leveraged its investment expertise and deep sector knowledge to invest for the long term in profitable companies with high growth potential and revenues ranging from €10 million to €400 million. Drawing on its expertise in the Technology and Healthcare sectors, Keensight identifies the most attractive investment opportunities across Europe and works closely with management teams to develop and execute their strategic vision. Keensight Capital's success has been recognized with a Gold Award from the Private Equity Exchange & Awards for five consecutive years, including the award for Best European Growth Private Equity Fund.
[1] Growth Buyout: investments in profitable private companies experiencing strong growth through minority or majority equity stakes, with or without leverage, using a flexible approach tailored to the needs of individual entrepreneurs. These investments are intended to finance organic growth initiatives, acquisition strategies, or provide liquidity to existing shareholders.
