After experiencing a high north of $170 per share back in 2021, Montreal’s Nuvei struggled to recover on the public markets, with shares dipping to a low of less than $20 toward the end of last year.
This year, the company decided to go private. Advent International, alongside Novacap and CDPQ, agreed to acquire the Canadian fintech in an all-cash deal valuing the firm at more than $6 billion.
This month, Nuvei publicly reported its quarter earnings for perhaps the final time as the Canadian fintech officially goes private following the completion of all regulatory approvals.
“Our business remains highly profitable,” stated chief executive officer Philip Fayer, noting a 17% jump in revenues.
Fayer will continue to lead Nuvei, a payments processing platform which drew investment from Vancouver actor Ryan Reynolds, during its private phase.
“We are excited to embark on a new chapter,” Fayer said, “one focused on our long-term strategy and commitment to accelerating the revenue of our customers globally.”
Nuvei was founded in 2003, with the platform today reaching 150 countries and nearly 700 alternative payment methods.
“For more than 20 years we have provided customers with mission-critical solutions they need to execute on their growth journeys,” Fayer said. “This commitment will remain the same as we continue to build deeper partnerships with our customers by providing them modern, flexible and purpose-built technology.”
“Nuvei has established itself as a fintech leader in key verticals with sustainable, long-term growth potential,” stated David Lewin, who serves Novacap as lead senior partner. “As the Company embarks on an exciting new chapter of expansion, we look forward to strengthening our collaboration and unlocking new opportunities to create lasting value for all stakeholders.”
Moving forward, Nuvei intends to formalize a new operational strategy in pursuit of further growth, according to the CEO.
“A key part of this next phase will be the implementation of our Value Creation Plan,” Fayer said, “a comprehensive strategic exercise designed to optimize our operations as we execute on various opportunities for accelerated growth.”
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