Based on current assumptions, the deal is said to have an enterprise value of around $653m at closing.
Once the deal is concluded, the combined business will be named as Repay Holdings Corporation and continue to trade on The Nasdaq Stock Market under a new ticker symbol.
Repay’s management team headed by co-founder and CEO John Morris, co-founder and president Shaler Alias and chief financial officer Tim Murphy will continue to manage the combined company.
Corsair Capital, the existing majority equity holder in Repay, is expected to continue as the largest stockholder of the combined company.
Thunder Bridge president and CEO Gary Simanson said: “Repay has achieved impressive growth while also delivering high levels of profitability in an exciting and underpenetrated area of the payments sector.
“John Morris and his team have developed a technology platform that is well-positioned with over 50 software integration partnerships to service customers with a footprint representing more than 11,000 locations across the country.”
Repay offers integrated payment processing solutions to verticals with specific transaction processing requirements.
Its integrated payment technology platform helps in decreasing the complexity of electronic payments for merchants and enhances consumer experience.
Repay is said to process around $7bn of payment volume in last year across different verticals, including personal loans, automotive loans and receivables management.
The combined firm will provide services to around 3,000 clients through an omni-channel payment platform, providing better services for merchants.
Subject to approval by the stockholders of Thunder Bridge and certain other conditions, the deal is expected to be completed in the second quarter of this year.
Repay founder and CEO John Morris said: “We have developed a compelling tech-enabled value proposition that allows our merchants to expand the scope and depth of their services to meet the evolving needs of their customers.”
Thunder Bridge Acquisition is a blank check company established for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
