September 18, 2014
Green Dot Corporation acquires Santa Barbara Tax Products Group, the nation’s largest consumer tax refund transaction processor.
On September 18, Green Dot Corporation announced that it has entered into a definitive agreement to acquire Willkie client Santa Barbara Tax Products Group (TPG) for approximately $320 million in cash and stock plus $80 million potential additional contingent consideration. TPG is the nation’s largest consumer tax refund transaction processor. The deal is expected advance Green Dot’s position as the leading financial services company focused on low and moderate income American families. It will expand Green Dot’s reach into its core customer segment by adding tax refund processing services for millions of tax filers through distribution partnerships with many of America’s largest and best known tax preparation companies and thousands of independent tax preparers.
TPG is integrated as the tax refund processing and settlement engine for four out of the six leading consumer online and in-person tax preparation companies. In the most recent tax season, TPG processed approximately $32 billion in tax refunds on behalf of approximately 11 million U.S. tax filers.
The deal was handled by partners Bruce Herzog, Thomas Mark, Hillel Jacobson and Jordan Messinger; special counsel Kim Walker and associates Darlyn Heckman, Kathleen O'Donnell, Dunia Rkein, Kapiljeet Dargan and Andrew Shapiro.
