BOSTON – August 19, 2024 – Bain Capital today announced that the firm’s Private Credit Group, alongside Group 1001, acted as co-Administrative Agent and Joint Lead Arrangers on a senior debt facility and as equity co-investors to support BharCap Partners, LLC’s (“BharCap”) strategic investment in Electronic Merchant Systems (“EMS”), an industry-leading merchant solutions and payments provider. Terms of the credit facility were not disclosed.
Headquartered in Cleveland, Ohio, EMS processes credit and debit card transactions on behalf of over 25,000 small- and medium-sized merchants worldwide, managing the back-end logistics for payments and serving as a gateway into the transaction approval process. In addition to processing approximately $6 billion in transaction volume for its customers, EMS provides value-added products and services, such as point-of-sale equipment for accepting payments, chargeback management to address customer returns, and a dedicated 24/7 customer service.
“We value our close and longstanding relationships with Bain Capital and Group 1001. EMS is one of several BharCap investments in which both firms have partnered with us to support the growth of our portfolio companies,” said Bharath Srikrishnan, Founder and Managing Partner of BharCap. Ethan Wang, Co-Founder and Partner of BharCap, added, “Both firms’ in-depth knowledge of financial technology and the payments processing ecosystem, coupled with their ability to deliver flexible and tailored financing solutions, make them value-added partners to BharCap. We are grateful for their continued partnership, and we are excited to deploy our proven toolkit to help advance and accelerate EMS’ growth strategy.”
“EMS is a high-quality business that is well-positioned to capitalize on opportunities in the highly fragmented payments processing value chain,” said June Huang, Director at Bain Capital. “We’re pleased to be a strategic partner to BharCap and look forward to supporting EMS and leveraging our expertise in the payment processing sector.”
“It was a pleasure working with the Bain Capital team on this transaction and we’re excited to support BharCap’s continued growth,” said Jamie Millard, Managing Director at Group 1001.
About Bain Capital Credit, LP
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 100 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital, real estate, life sciences, and insurance, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
About Group 1001
Group 1001 is a collective that empowers companies to create positive growth. Our insurance and annuities are easy to understand and accessible to all. Our online investing platform gives individuals control over their savings. Our technology and innovation help companies succeed. And our strategic partnerships bring people together through education and sports. As of March 31, 2024, Group 1001 had combined assets under management of $65.4 billion. It comprises the following brands: Delaware Life, Gainbridge®, Clear Spring Health, Clear Spring Property and Casualty Group, Clear Spring Life and Annuity Company, and RVI Group.
