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sold to

Deutscher Sparkassenverlag

December 2014


About the Client

PAYONE is a leading independent payment service provider and offers its customers an integrated platform that provides a fully automated and seamless payment process.


About the Deal

GP Bullhound acted as the exclusive financial advisor to PAYONE (“PAYONE”) on the sale of a majority stake to Deutscher Sparkassenverlag (“DSV”). With the acquisition of PAYONE, DSV makes a landmark transaction to enter the payment solutions market and generates valuable synergies by completing its product offering as well as granting PAYONE access to a comprehensive, loyal and growing customer base within the DSV network and the German savings banks.
The involvement of the founders, not only as General Managers of PAYONE, but also as minority shareholders, demonstrates the joint commitment to develop PAYONE as an integral part of DSV.
This represents the completion of GP Bullhound’s 30th transaction in 2014 and further highlights the firm’s commitment to working with category leaders.



Carl Frederic Zitscher, co-founder, General Manager and shareholder of PAYONE said: “I expect the partnership with DSV to provide strong momentum regarding new customer wins as we can leverage the distribution network of the German savings banks.“
“GP Bullhound’s expertise, negotiation and deal strategy has proven very useful in driving the transaction and negotiating the best deal. The negotiated structure allows us to participate in the long-term value creation“, commented Carl Frederic Zitscher.
Julian Riedlbauer, Partner at GP Bullhound and head of its Berlin office stated: “It has been a pleasure to advise PAYONE and its shareholders on this marquee transaction in the European payment services space and we are glad to have achieved a result that fully satisfies the founders.”