TA invests in Luminate Capital-backed alcoholic drink industry e-invoicing, payments business


TA Associates has bought into private equity-backed alcoholic drink industry electronic invoicing and payments business Financial Information Technologies.

The firm has invested alongside Luminate Capital Partners, to build on a growth investment in the company from the latter from two years ago.

Fintech says it created the first electronic payment solution for regulated beverage alcohol, and has expanded its products to offer analytics tools to help customers improve their business operations.

Its products are used by more than 120,000 retail locations and over 3,500 beverage alcohol distributors throughout the US.

TA managing director M Roy Burns said, “Fintech is the market leader enabling more efficient commercial transactions and improving business decisions in the complex and regulated beverage alcohol market.

“With its unique place in the market, we believe that there is a significant opportunity to build on Fintech’s strengths to meet the demands and expectations of its retail and distributor customers.”

Goodwin Procter provided legal counsel to TA Associates, Kirkland & Ellis provided legal counsel to Luminate Capital Partners, and Holland & Knight provided legal counsel to Fintech.

TA closed its most recent flagship fund, Fund XII on $5.3bn in 2015.

AltAssets revealed in July that Luminate was already back with its sophomore fundraise, targeting up to $425m just a year after closing its oversubscribed debut vehicle.

The buyout firm,which is led by former Silver Lake managing director Hollie Haynes, pulled in more than $265m for its first fund last summer to focus on deals in the software and software-enabled services sectors.

Copyright © 2018 AltAssets

Get the latest PE News & Research delivered to your inbox every morning