04/03/2023
LAS VEGAS, NV –Pavilion Payments (“Pavilion” or the “Company”) has closed its previously announced transaction with Global Payments Inc. (NYSE: GPN) alongside Parthenon Capital (“Parthenon”), a leading growth-focused private equity firm. Formerly known as Global Payments Gaming Solutions, Pavilion Payments is the leading omni-channel payments provider exclusively serving the gaming industry.
From its new headquarters in Las Vegas, the Pavilion Payments team will lead an independent company focused on providing its customers with unparalleled service. “The growth we are seeing in the gaming industry is exhilarating,” said Pavilion’s chief executive officer Christopher Justice. “We are well positioned to take advantage of the changes rapidly occurring in our industry. As an independent company, we will continue to advance our innovative product development roadmap and provide outstanding service to our clients. We are proud of several recent product introductions including our online bank credentialing solution, which will make enrollment quicker and simpler for patrons, and continue to remove friction from the gaming experience.”
The name, “Pavilion Payments,” pays tribute to the company’s mission to provide operators and patrons with a single, integrated gaming solution under one roof. Pavilion’s products are ubiquitous, meeting patrons at the cage, on the floor and online. By partnering with Pavilion’s best-in-class kiosk, cashless and iGaming technology, gaming operators can stay ahead of the curve and create exceptional consumer experiences across their physical and digital properties.
Pavilion’s industry-standard e-check network, VIP Preferred®, connects millions of users around the country to more than 400 in-person and online gaming institutions. After a one-time enrollment, VIP Preferred users can easily transfer funds from one gaming institution to another and utilize Pavilion’s other payments solutions like VIP Financial Centers, Cash Advance, Delayed Settlement and VIP Mobility™. VIP Mobility is the industry’s first mobile solution enabling cashless gaming from funding through cash-out.
“We are excited to sponsor Pavilion Payment’s emergence as an independent company,” said Zach Sadek, senior partner at Parthenon. “Pavilion’s modern payment solutions create substantial value for operators across the gaming ecosystem and we are thrilled to support the expansion of solutions.”
Parthenon has expertise in the payments sector, refined over the past 15 years through strategic partnerships with management teams across the ecosystem, including BlueSnap, BillingTree, Cayan and Payroc World Access, among others. Parthenon intends to grow the business organically and through acquisitions while making investments that maintain and enhance the client experience. “After five years of seeking a partner to help us take advantage of the modernization taking place in the gaming industry, we are delighted to partner with Chris Justice and the Pavilion Payments management team to execute on that vision,” said Brian Golson, co-chief executive officer and managing partner at Parthenon Capital.
Global Payments will continue to power the Company’s payment solutions through a long-term partnership.
Greenhill & Co. is acting as exclusive financial advisor and Kirkland & Ellis LLP and DLA Piper LLP are serving as legal advisors to Parthenon.
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 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. For more information, visit www.parthenoncapital.com.