Electronic Funds Source (EFS), a provider of corporate payment solutions, is being acquired by Warburg Pincus, a global private equity firm. The announcement was made by the investment group that currently owns EFS, including First Data Transportation Services, Inc., CTP Holdings LLC and FJ Management Inc.
Terms of the transaction were not disclosed.
“We are excited to partner with Warburg Pincus and look forward to leveraging their deep expertise and strategic insights in the areas of payments and financial services. This transaction enables us to move forward as an independent company and focus on a wide variety of opportunities for growth to benefit our customers,” said Scott R. Phillips, EFS president and CEO.
“We believe there is a significant opportunity to build on EFS’ success and enhance and expand its fleet and corporate payments solutions. We look forward to partnering with Scott and the management team as the Company continues its impressive growth trajectory,” said Jim Neary, managing director and member of the Executive Management Group, Warburg Pincus.