Opus Bank’s Corporate Finance division provides debt for the recapitalization of FastSpring
Overview of Transaction
- Bright Market, LLC, doing business as FastSpring (“FastSpring”), provides a comprehensive private label website sales capability. While acting as Merchant of Record, FastSpring provides payment processing, merchandising, and fulfillment for its clients.
- FastSpring customizes websites to support localization, multiple languages and currency, developer support, payment security, and relationship and rights management.
Significance of Transaction
- With the help of investors, Chris Lueck purchased FastSpring in March 2013. Lueck and his team have successfully built out FastSpring’s corporate infrastructure, enhanced capabilities, and positioned the company for the next level of growth.
- FastSpring has exceeded investor expectations and was well-positioned to recapitalize existing debt and equity to lower its cost of capital while maintaining a global posture.
Opus Bank's Role
- Opus Bank (“Opus”) was referred into FastSpring by Search Fund Partners who had recent experience with the Opus team. The mutual familiarity and the impressive performance by FastSpring’s management allowed Opus to propose a flexible financing based on the enterprise value of the business.
- The deal was structured with a relatively large revolver, which could be drawn down and repaid at the company’s option.
- The deal structure allowed FastSpring to accomplish its recapitalization at a comfortable pace and in stages.