H.I.G. Capital News


William Nolan
Managing Director

Todd Ofenloch

H.I.G. Capital
500 Boylston Street
Suite 1350
Boston, MA 02116
P 617.262.8455
F 617.262.1505

H.I.G. Capital Portfolio Company Onyx Payments Acquires Net Trans Services and Worldwide Payment Systems

BOSTON – October 20, 2014 – H.I.G. Capital ("H.I.G."), a leading global private equity investment firm with more than $17 billion of equity capital under management,* announced that its portfolio company, Onyx Payments (“Onyx” or the “Company”), the largest payment processor for hotels and travel distributors, has acquired Norway-based Net Trans Services ("Net Trans") and Spain-based Worldwide Payment Systems ("WPS").

Headquartered in Dallas, TX, Onyx acts as a global clearinghouse for hotel commissions, processing transactions in over 200 countries and 29 currencies. As a result of the acquisitions, the Company will seek to eliminate payment processing barriers and improve efficiencies, while increasing commerce transparency between hotels and travel distributors.

"We are pleased to support Onyx in its acquisitions of Net Trans Services and Worldwide Payment Systems," commented William Nolan, a Managing Director of H.I.G. Capital. “The acquisition will expand Onyx’s geographic footprint and enhance our capabilities to serve the travel industry.”

The two acquisitions further augment Onyx’s service offerings to both the supply and demand sides of the travel industry. Net Trans provides a complete hotel commission recovery and reconciliation service for travel agencies and other hotel booking professionals worldwide, and WPS adds substantial commissions volume from its member hotel base to the Onyx network and is leading other innovative projects aimed at streamlining the processes for both commission and non-commission payments within the travel ecosystem.

"We are very excited about this next stage of growth for Onyx," commented Mark Dubrow, Chief Executive Officer of Onyx Payments. "By combining our businesses, we will be able to provide our customers with valued services, increased speed of payments and improve the value chain between travel distributors and hotels. The new Onyx has the innovation, size and financial stability to make the commerce services we provide even more attractive to the multi-national companies that rely on us to process close to a billion dollars in commissions annually.”

About Worldwide Payment Systems
WPS is a data and payment processing company specialized in the management and control of international payments worldwide. Founded in 1998, WPS optimizes the business flows of more than 200,000 travel industry entities in 192 countries providing payment, reconciliation and invoicing solutions. Characterized by high level flexibility, the services provided to their customers are strengthening relationships between the different players of the market. WPS is leading innovative projects which have created an efficient framework for the development of the travel industry. Headquartered in Europe, WPS operates with different banks worldwide and about 60 currencies. Permanently updated online information is provided through WPS Web portal, allowing users full visibility and control of their payments’ status. For more information, visit www.wpsnetwork.com.

About Net Trans Services
Net Trans Services AS provides a complete hotel commission recovery and reconciliation services for travel agencies and other hotel booking professionals worldwide. Recovering hotel commissions is a challenge for most agents, but Net Trans provides a solution by reconciling all hotel and payment data with agents' reservations. The result is increased commission revenue and lowered cost of recovery through automation, dedicated expertise and significant economies of scale. Net Trans has contracted 10,300 travel distributors in more than 100 countries, processing close to 40 million room nights annually from over 200,000 hotels on their behalf. For more information, visit www.ntrans.com.

About Onyx Payments
Founded in 1992 and headquartered in Dallas, Texas, Onyx Payments is the world’s largest processor of payment disbursement and reconciliation solutions. Onyx Payments operates a global payment network and provides its hotel and travel agency customers with services including commission receipt and disbursement; foreign currency exchange; invoicing; and reconciliation and tracking. The company facilitates in excess of $500 million in payments annually, with more than 40,000 hotels contracted, servicing more than 200,000 travel distributors in nearly 200 countries. In addition to its headquarters in Dallas, Onyx Payments has regional hubs in London, Singapore, New York and Scottsdale, Arizona. For more information, visit www.onyxpayments.com.

About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $17 billion of equity capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 80 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.