On September 21, 2017, Novacap and Caisse de dépôt et placement du Québec (CDPQ) announced a strategic investment in Pivotal Payments, a leading provider of technology-driven, end-to-end payment processing and e-commerce solutions. Pivotal Payments has operations throughout North America and Europe and serves more than 50,000 merchants. Over USD 14 billion is transacted on its various platforms every year.
Novacap, a leading Canadian private equity firm with $2.26 billion of assets under management and CDPQ, one of Canada's leading institutional fund managers with $286.5 billion in net assets, invested in Pivotal Payments to help the company with its aggressive growth plan to acquire new payment and fintech solutions and expand into new markets. This is a major investment for Novacap and CDPQ, and the transaction values Pivotal Payments at $525 million (USD 430 million). Both investors want to play an active role in the digitization of business so that Québec companies can be fully-equipped to benefit from the rise of e-commerce; as such they are thrilled to support Pivotal Payments’ promising future.
Fasken Martineau represented Novacap and CDPQ in this investment with a team led by Denis Chaurette and Michel Boislard, and that included Caitlin Rose, Kiran Singh, Alexandra Lazar, and Jonathan Raizenne (M&A), Diane Bertrand and Alain Ranger (Corporate & Tax), Nicolas Faucher (Fintech/Regulatory), Jean-Philippe Mikus and Emil Vanjaka (Intellectual Property), Leslie Milton (Canadian Competition Matters), Helena Hung and Mélanie Bouchard (Parelagal).