LAS VEGAS--(BUSINESS WIRE)--Parthenon Capital (“Parthenon”), a leading growth-oriented private equity firm, announced they have entered into a definitive agreement with Global Payments Inc. (NYSE: GPN) to acquire its gaming division and transition Global Payments Gaming Solutions into Pavilion Payments, a stand-alone independent company.
After closing on the transaction, Pavilion Payments will continue to offer Global Payments Gaming Solutions’ full suite of payments solutions for the gaming industry, including VIP Preferred and the award-winning cashless solution VIP Mobility. Completion of the transaction is expected by the end of March 2023, subject to the receipt of certain regulatory approvals.
Pavilion Payments will deliver the world’s most innovative integrated payments ecosystem, enabling gaming operators to create seamless consumer experiences across their physical and digital properties. The company’s end-to-end solutions will facilitate flexible and seamless funding across locations, devices and channels. With state-of-the-art kiosk, cashless and iGaming technology, Pavilion Payments will be at the forefront of the gaming industry’s evolution.
The business will continue to be led by its existing management team with current president Christopher Justice, assuming the additional title of chief executive officer of Pavilion Payments. “The transaction positions our business to meet the evolving needs of the gaming industry and capitalize on the growth trends, especially in markets like iGaming,” Justice said. “We are focused on creating unique player experiences for both in-person and online gaming. Customers can expect further focused investment in innovation and product development, bringing clients ever more advanced tools to support patron engagement and satisfaction, lift revenue and reduce friction.”
“We are excited about our partnership with the Pavilion Payments team,” said Zach Sadek, partner at Parthenon Capital and member of Pavilion’s board of directors. “The company’s innovative product portfolio, including the industry’s only true omni-channel payments offering and most successful cashless implementations, position the business to continue to ensure its customers’ success.”
Global Payments is dedicated to ensuring a seamless transition for its employees and customers. Customers can expect to continue working with the same teams and Global Payments will continue to power the company’s payment acceptance capabilities as a long-term partner.
Parthenon has substantial experience in the payments sector, refined over the past fifteen years through strategic partnerships with management teams, including the teams at BlueSnap, BillingTree, Cayan and Payroc, among others. The company’s growth-oriented strategy is to focus on accelerating the development of innovative, gaming industry-focused solutions that help our customers achieve their business objectives both organically and through acquisitions.
Greenhill & Co. is acting as exclusive financial advisor and Kirkland & Ellis LLP and DLA Piper LLP are serving as legal advisors to Parthenon.
Evercore is serving as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Global Payments.
About Parthenon Capital
Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how.
About Pavilion Payments
Pavilion Payments enables the world’s gaming entertainment leaders to create amazing consumer experiences and maximize spend across all their physical and digital properties. Pavilion Payments is the leading omnichannel payment solutions provider for the gaming industry, providing integrated omnichannel and software solutions that enable flexible funding, play and cash out. For more information visit www.pavilionpayments.com
About Global Payments
Global Payments Inc. (NYSE: GPN) is a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world.
Headquartered in Georgia with approximately 25,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning over 170 countries throughout North America, Europe, Asia Pacific and Latin America.