Katapult to Become a Publicly Traded Company Through Merger With FinServ Acquisition Corp.
Leading e-commerce focused point-of-sale platform for nonprime consumers
Transaction values Katapult at a pro forma enterprise value of approximately $1 billion and equity value of $962 million, representing EV/EBITDA multiples of 14.1x and 6.6x projected EBITDA for 2021 and 2022, respectively. Total consideration paid to Katapult’s existing shareholders will be $833 million.
Cash proceeds of the transaction will fund up to $325 million of cash consideration to Katapult’s existing shareholders and $50 million of cash to Katapult’s balance sheet. The cash components of the transaction will be funded by FinServ’s cash in trust of $250 million
Transaction includes a $150 million fully committed PIPE at $10 per share from investors led by Tiger Global Management & Neuberger Berman Funds
Attractive, profitable financial profile with approximately $250 million of projected revenue (+172% y/y) for 2020
Proven and experienced management team, who will continue leading the combined company
The transaction is expected to close during the first half of 2021
www.businesswire.com...rv-Acquisition-Corp.
Leading e-commerce focused point-of-sale platform for nonprime consumers
Transaction values Katapult at a pro forma enterprise value of approximately $1 billion and equity value of $962 million, representing EV/EBITDA multiples of 14.1x and 6.6x projected EBITDA for 2021 and 2022, respectively. Total consideration paid to Katapult’s existing shareholders will be $833 million.
Cash proceeds of the transaction will fund up to $325 million of cash consideration to Katapult’s existing shareholders and $50 million of cash to Katapult’s balance sheet. The cash components of the transaction will be funded by FinServ’s cash in trust of $250 million
Transaction includes a $150 million fully committed PIPE at $10 per share from investors led by Tiger Global Management & Neuberger Berman Funds
Attractive, profitable financial profile with approximately $250 million of projected revenue (+172% y/y) for 2020
Proven and experienced management team, who will continue leading the combined company
The transaction is expected to close during the first half of 2021
www.businesswire.com...rv-Acquisition-Corp.