Parthenon Capital has entered into an agreement with Global Payments to purchase its gaming division and rebrand the division into a standalone company named Pavilion Payments.
Following the closure of the deal, expected to be completed by the end of March, Pavilion Payments will offer Global Payments Gaming Solutions’ full payment solutions offering to the gaming industry, including VIP Preferred and VIP Mobility, just under a new brand name and ownership.
Despite new ownership, Global Payments Gaming Solutions will continue to be led by President Christopher Justice, who will also assume the title of CEO at Pavilion Payments.
Commenting on the acquisition, Justice said: “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.
“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 more advanced tools to support patron engagement and satisfaction, lift revenue and reduce friction.”
Global Payments has noted that it supports a seamless transition to the new ownership over the next month or so for both its employees and customers. The firm noted that customers should anticipate working with the same team and that it will continue to be a long-term partner.
Parthenon Capital is a private equity firm that has over 15 years of experience in the payments industry through strategic partnerships with companies such as BlueSnap, BillingTree, Cayan and Payroc.
The firm noted that its growth-oriented strategy will ‘focus on accelerating the development of innovative, gaming industry focused solutions’.
“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 omnichannel payments offering and most successful cashless implementations, position the business to continue to ensure its customers’ success.”