The deal will mean an exit for the company’s largest shareholder, private equity firm JLL Partners, which will earn $349m from the deal according to Bloomberg.
It said the firm will earn a 34 per cent IRR on the sale and a five times cash multiple. JLL invested in Skylight Financial in 2007, which was later acquired by NetSpend
Nasdaq-listed NetSpend provides reloadable prepaid debit cards and related financial services to the estimated 68 million consumers in the US who do not have a traditional bank account or who rely on alternative financial services.
JLL Partners is based in New York. Most recently the firm backed the buyout of clinical trial management company BioClinica and the simultaneous acquisition of CoreLab Partners in January of this year
Copyright © 2013 AltAssets