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FT Partners Advises REPAY on its $665,000,000 SPAC Business Combination with Thunder Bridge Acquisition

Overview of Transaction

  • On January 22, 2019, REPAY announced a definitive merger agreement with Thunder Bridge Acquisition Ltd. (NASDAQ: TBRG), a special purpose acquisition company ("SPAC")
  • Upon completion of the business combination on July 11, 2019, Thunder Bridge changed its name to Repay Holdings Corporation, and its common stock and warrants commenced trading on the Nasdaq Stock Market under “RPAY” and “RPAYW”, respectively, on July 12, 2019
  • The company was valued at an implied enterprise value of ~$665 million
  • Under the terms of the agreement, REPAY's management team will continue to lead the Company and its existing majority equity holder, Corsair Capital, is expected to remain the Company's largest stockholder
  • Headquartered in Atlanta, GA, REPAY is a leading provider of vertically-integrated payment solutions
  • REPAY's proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers
  • Thunder Bridge is a blank check company formed for the purpose of effecting a merger, or similar business combination with one or more businesses
  • In June 2018, Thunder Bridge completed a $258 million IPO

Significance of Transaction

  • As a publicly-listed company, REPAY now has access to capital to further support its acquisition strategy and invest in technology, while continuing to develop software integration partners

FT Partners' Role

  • FT Partners served as sole strategic and financial advisor to REPAY
  • This transaction underscores FT Partners' deep expertise in the Payments space and highlights our strong track record in consistently generating great outcomes for our clients and their shareholders
  • This transaction builds on FT Partners' expertise in navigating the process to sell companies to SPACs; prior experience includes the sale of CardConnect

Note: $665 million represents the implied enterprise value at the time of closing; the transaction was originally announced at a value of $581 million