Genstar Capital LLC and TA Associates Inc. on Wednesday, July 17, said Genstar will make a significant investment in payment processing company AffiniPay Holding LLC.

The private equity firms did not disclose the financial details of the transaction. Reuters last week reported the then-pending deal could value the company at almost $3 billion including debt.

AffiniPay minority shareholder Apax Partners LLP will fully exit its investment, and TA Associates, which invested in the company in February 2020, will continue to hold a stake.

Austin, Texas-based AffiniPay provides proprietary electronic payment tools designed to facilitate simple and secure acceptance of credit cards, debit cards and e-checks for professionals. Founded in 2005, the company provides products and services to accountants, architects and lawyers.

AffiniPay added on digital payment solution provider ClientPay in February 2021 and MyCase Inc. in June 2022.

Funds advised by London-based Apax had sold a controlling stake in MyCase to AffiniPay and received a minority stake in AffiniPay.

The Deal identified AffiniPay as a potential exit candidate in September.

Boston-based TA Associates invests in the technology, healthcare, financial services, consumer and business services sectors. It targets companies valued at $150 million to more than $3 billion.

San Francisco-based Genstar Capital is a private equity firm that invests $15 million to $400 million in growth, buyout and recapitalization transactions across various middle market sectors, including financial services, software, industrials and healthcare.

In April 2023, Genstar closed Genstar Capital Partners XI with about $12.6 billion in total commitments.

Genstar’s Prometheus Group Enterprises LLC received a significant investment from Advent International Corp. and Leonard Green & Partners LP in June. Genstar agreed to sell 2-10 Home Buyers Warranty to Frontdoor Inc. (FTDR) last month.

London-based Apax focuses its investments on the technology, healthcare, internet and consumer, and services sectors. It pursues buyout equity investments valued between $100 million and $500 million.

Reuters in June reported Apax is weighing a sale of IT services provider Lutech SpA. Bloomberg that month reported that Apax was considering bidding for United Group BV, a portfolio company of BC Partners LLP.

AffiniPay and TA looked to Lazard Ltd. and Raymond James & Associates Inc. for financial advice. Lazard also advised on the MyCase deal.

TA engaged Goodwin Procter LLP for legal advice. TA managing director Roy Burns and director Clara Jackson were on the deal in-house.

Genstar used Ropes & Gray LLP for counsel. Managing partner Eli Weiss worked on the transaction internally.