November 11, 2014
Willkie represents controlling shareholder HandsOn Global Management in the deal, which creates a global leader in transaction processing solutions.
SourceHOV and BancTec Group recently announced the completion of their merger, creating one of the world’s largest Transaction Processing Solutions service providers. Under the terms of the transaction, funds managed and advised by The Rohatyn Group, a leading emerging markets asset management firm, have exited their majority shareholding in SourceHOV, and Willkie client HandsOn Global Management and its affiliates (HGM), including HOVS LLC, have become majority shareholders of the combined company, with Delos Capital among the remaining shareholders.
With more than $900 million in revenue, the combined company will continue to use both the SourceHOV and BancTec brand names. Additionally, a new $1.1 billion credit facility will be used to refinance existing debt, provide additional working capital and make other payments in connection with the merger.
Based in Santa Monica, CA, HGM manages several global buyout funds and primarily invests in the business process services, big data mining and industrial services sectors. SourceHOV and BancTec serve more than half of Fortune 100 companies and have deep domain expertise, including document centric application, in healthcare payer and provider, finance and banking, public sector, publishing, legal, insurance, manufacturing and commercial industries.
The deal was handled by partners Maurice Lefkort, Michael Zinder and Jordan Messinger and associates Erin Kinney, Michal Flombaum, Caleb Vessey, Joshua Deason, Kristin Toppeta and Rose Ohanesian.
