Advent International Agrees Investment in Planet to Accelerate Growth in Global Integrated Payments
Planet, a global integrated payments leader, will accelerate its growth strategy with a new investment from Advent International (“Advent”), one of the largest and most experienced global private equity investors. Advent has agreed to co-ownership with Eurazeo, a leading global investment company.
Planet provides integrated digital payment services on a unique single platform that offers acquiring, processing, digital wallets, VAT refund and currency conversion services to merchants in the Retail, Hospitality, Food & Beverage, Parking and Financial sectors. By partnering with Planet, merchants enhance their customers’ omnichannel experience, while generating additional revenue from value-added payments services.
Advent and Eurazeo share a common vision for the business – to accelerate Planet’s existing strategy, deliver new innovations to customers faster, and further develop Planet’s position as a global leader in integrated payments.
Marc Frappier, Eurazeo Managing Partner and Board member said: “Six years ago, we saw the potential in Planet to become a world-class payments business delivering innovative products and digital services across multiple vertical sectors. Since then, we have been delighted with Planet’s strategic direction and growth trajectory.”
Jeff Paduch, Managing Partner of Advent, said: “In today’s vertical payments landscape, it is rare to find a business with such a unique proposition and diversified product suite. Together with Eurazeo, we are excited to help Planet realise its full potential and accelerate its ambitious growth strategy.”
Patrick Waldron, CEO of Planet, said: “This new investment will accelerate the rate at which we develop and roll-out new innovations. It will ensure we are able to offer our customers and partners a world-leading range of payments solutions in keeping with consumers’ ever changing needs and expectations.”
Advent has an unparalleled track record in accelerating the growth of businesses across the payments and software industries. Worldwide since 2008, Advent has invested ~$4 billion in eight payments companies and has supported over 40 add-on acquisitions made by these companies.