Metric backs UK payment services group

The firm, founded by former UBS leveraged finance head John Sinik and Barclays Capital executive Giovanni Miele, has completed its ninth deal in 18 months.

European private debt manager Metric Capital Partners has completed its ninth investment since raising its maiden fund last April, backing a UK-based payment service provider.

The firm's investment is structured as a credit instrument with equity participation, and will allow STL to supplement its core payment service provider business by establishing an acquiring platform. This will allow STL to underwrite debit and credit card transactions and move up the payment transaction value chain, Metric said in a statement announcing the deal.

The size of the investment was not disclosed.

Metric founder and managing partner John Sinik said: “We are pleased to be partnering with a very driven and experienced management team to support the business as it enters the next phase of growth. The underlying market dynamics are highly attractive and this investment will allow the company to expand its role in the online payment industry.

“This transaction offers strong downside protection through the sustained growth in the number of transactions STL has conducted over the years. Additionally, the opportunity to generate attractive returns through our equity participation in the company underpins our investment philosophy,” he added.