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Direct Investment  + M&As  |  December 6, 2022
Private Equity Firms Centerbridge, Bridgeport Close $1.6B CSI Acquisition
Joe Palmisano
By: Joe Palmisano

Private Equity Firms Centerbridge, Bridgeport Close $1.6B CSI Acquisition

Centerbridge Partners L.P. and Bridgeport Partners have closed their previously announced acquisition of fintech solutions provider Computer Services, Inc. (CSI) valued at $1.6 billion.

Announced in August, the private equity firms purchased CSI for $58 per share, in an all-cash deal. The price is a 53% premium to CSI’s closing stock price on August 19, 2022, the last day before the agreement was announced, and a premium of 54.4% over CSI’s 30-day volume-weighted average share price (VWAP).

CSI is now a private company, with its common shares delisted.

CSI offers core processing, digital banking, cybersecurity, compliance, payments processing, and document distribution solutions to financial institutions and corporates.

The company continues its operations from its headquarters in Paducah, Kentucky, with no changes to the leadership team, including the CEO and president David Culbertson.

Bridgeport founder Frank Martire was appointed as board chairman, while Centerbridge senior managing director Jared Hendricks, and managing director Ben Jaffe were appointed as board members.

Established in 2005, Centerbridge has approximately $36 billion in assets under management as of September.

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Centerbridge PartnersBridgeport PartnersComputer Services, Inc.

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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