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Clairvest makes impressive 13.5x return exiting payment services provider KUBRA

4 Sep 2014

color-arrows-1-1382394-mPrivate equity firm Clairvest Group has sold its remaining stake in digital bill delivery and payment services company KUBRA making a whopping 13.5-times multiple on its investment.

Toronto-based Clairvest has sold its stake to media and information company Hearst, which now owns 80 per cent of KUBRA.

The firm first invested in the online payments company tapping its Clairvest Equity Partners III fund in 2006. It was the first purchase from the $300m vehicle.

Since then KUBRA has multiplied its EBITDA by more than six-times which the company said was achieved through continued investment in technology and enhanced service offering.

Clairvest has posted an IRR of more than 40 per cent on the eight-year investment.

Managing director Michael Wagman said, “We are very proud of KUBRA’s growth during our investment period.

“[KUBRA’s] continued focus on innovation, investment in talent and relentless emphasis on service improvement allowed them to win some of the industry’s most coveted and sizable clients.

“These accomplishments made KUBRA an attractive strategic acquisition for Hearst with great future prospects.”

Clairvest recently closed its fifth fund on a $600m hard cap, which included an $180m GP commitment.

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