Parthenon Makes Additional Investment in CardWorks | Business
AUSTIN, Texas–(BUSINESS WIRE)–February 15, 2022–
Parthenon Capital is pleased to announce that it has made an additional investment in CardWorks, Inc., the parent company of CardWorks Servicing, Merrick Bank and Carson Smithfield. As part of the transaction, Parthenon Co-CEO and Managing Partner Brian Golson will join CardWorks’ Board of Directors.
Don Berman, Founder, Executive Chairman and Majority Shareholder of CardWorks, said, “Everyone at CardWorks has benefited from Parthenon Capital’s involvement in our company as shareholders and partners over the past four years. I am delighted that Parthenon’s confidence in CardWorks has merited further investment.
“Furthermore, I am delighted to welcome Brian Golson to the CardWorks Board of Directors,” added Berman. “I’m confident that Brian’s insights and experience will be invaluable as we work together to grow our business as a people-centric, compliance-driven organization enabled by data and technology.”
“Having known Don Berman and the unique franchise he developed at CardWorks for nearly 30 years, I am thrilled to extend our investment in the company,” said Golson. “We value our partnership with Don, Dan Pillemer and the entire CardWorks team. I am honored by the opportunity to join the board of directors of this iconic fintech franchise that excels in consumer lending, payments and services and contributes to its continued success on behalf of its employees, clients and customers. for many years to come.
The terms of the transaction are confidential.
Parthenon was advised on the transaction by Kirkland & Ellis LLP and CardWorks was advised by Wachtell, Lipton, Rosen & Katz.
Founded in 1987, CardWorks is a diversified consumer finance and payment company, operating three main lines of business: Services, Lending and Merchant Acquiring. CardWorks provides servicing and portfolio management operations to bank and non-bank retail and small business lenders through CardWorks Servicing, LLC and Carson Smithfield, LLC. Servicing more than 6 million accounts, CardWorks Servicing, LLC is the leading independent servicer of nationally branded Visa®/Mastercard® cards, secured cards and unsecured installment loans. Carson Smithfield, LLC provides post-imputation debt collection services. CardWorks provides merchant lending and acquiring services through Merrick Bank. Founded in 1997 as a wholly-owned subsidiary of CardWorks, Merrick Bank is one of the top 15 FDIC-insured Mastercard/Visa credit card issuers. Merrick Bank also offers installment financing options to consumers through marine and recreational vehicle dealerships nationwide, as well as personal installment loans through digital channels. Merrick Bank is also a top 15 credit card acquirer, with more than $40 billion in transaction volume annually for more than 80,000 merchants and 40 independent sales organizations.
ABOUT THE PARTHENON CAPITAL
Parthenon Capital is a mid-market private equity firm with offices in Boston, San Francisco and Austin. Parthenon uses niche sector expertise and a deep execution team to invest in growing companies in the services and technology sectors. Parthenon wishes to be an active and aligned partner of management, either through recapitalization operations or by supporting new managers. Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery company with a strong value proposition and proprietary know-how.
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CONTACT: Molly Fazio Kloos, Capital of the Parthenon
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: BANKING OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES FINANCE
SOURCE: Parthenon Capital
Copyright BusinessWire 2022.
PUBLICATION: 02/15/2022 09:20 / DISK: 02/15/2022 09:22
Copyright BusinessWire 2022.