INTERNATIONAL. Private equity company Advent International, a long-time major shareholder in Dufry Group, has made a substantial investment in payment platform and tax free shopping refund specialist Planet, based on a €1.8 billion valuation.
Advent has agreed to co-ownership with leading global investment company Eurazeo, which acquired Planet six years ago.
Planet provides integrated digital payment services on a 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.
Advent and Eurazeo said they aim 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.”
