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Fintech firm MSTS sells to private equity firm Corsair Capital

Overland Park-based MSTS Inc. is soon to have its ownership transition from World Fuel Services Corp. to New York firm Corsair Capital LLC, though MSTS will continue to operate as a stand-alone company.

Soon to transition ownership from Miami-based World Fuel Services Corp., MSTS Inc. in Overland Park will trade off for Corsair Capital LLC in a sale worth $350 million.

MSTS Inc. is a financial services company that operates with more than 400 employees in the Kansas City metro alone and in June was valued at $222.5 million.

Corsair Capital, based in New York, agreed to the multimillion dollar sell with World Fuel Services in a deal that involved paying $275 million in cash at closing and $75 million later on.

Corsair Capital focuses on the financial services industry and holds a stake in Kansas City-based Spring Venture Group.

For part of the later payment for MSTS, $50 million would be dependent on MSTS hitting certain financial targets in 2021 and 2022. The filing stated that MSTS’s net carrying amount was $222.5 million as of June 30.

In a news release Corsair Capital said MSTS will operate as a standalone company.