06/15/2021
Transaction Highlights Continued Success of Leading Financial Technology Franchise
Austin, TX — Parthenon Capital (“Parthenon”), a leading growth-oriented private equity firm, announced today the sale of BillingTree, a leading provider of omnichannel integrated payment solutions. The sale transaction represents the culmination of a successful partnership with BillingTree’s management team, led by CEO and longtime payments industry executive Christine (Chris) Lee. Repay Holdings Corporation (NASDAQ: RPAY), a leading provider of vertically integrated payment solutions, acquired BillingTree for a mixture of cash and stock consideration.
“The BillingTree team is tremendously excited,” said Lee. “The combination of these two industry leaders provides us with an opportunity to continue providing our customers with industry-leading solutions and exceptional service. We have valued our partnership with Parthenon. Their experienced operating team, deep payments industry expertise and trusted advice has had a significant positive impact on the success of our business.”
Founded in 2003 and headquartered in Scottsdale, AZ, BillingTree is a leading provider of payments solutions to the healthcare, financial services, accounts receivable management and energy industries. Through its technology-enabled suite of products and services, including a variety of payment channels and reporting capabilities, BillingTree helps organizations get paid faster and more efficiently.
Zach Sadek, partner at Parthenon Capital, said, “We wish REPAY great success with the acquisition. The combination of REPAY and BillingTree is strategically powerful. We are thrilled to continue our equity ownership in the combined business as a significant stockholder of REPAY.”
“We are appreciative of our partnership with Chris Lee and the entire BillingTree team,” added Brian Golson, co-CEO at Parthenon Capital. “It is a pleasure to work with a such a dedicated team who continues to take great pride in delivering for their clients and partners every day.”
Parthenon Capital plans to continue its long-term commitment to supporting exceptional management teams in building clear market leaders at the intersection of payments and software.
BillingTree and Parthenon Capital were advised in the transaction by FT Partners and Kirkland & Ellis LLP.
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.
About Parthenon Capital
Parthenon Capital Partners 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. For more information, visit www.parthenoncapital.com.