Beekman Group said March 18 that it recapitalized Convenient Payments LLC, providing growth capital to the company. Financial terms weren’t announced. Convenient provides software-based payment solutions for customers in the government, education, and medical sectors.
NEW YORK–(BUSINESS WIRE)–The Beekman Group (“Beekman”) announced the majority recapitalization of Convenient Payments LLC (“Convenient Payments” or the “Company”) by its affiliate, Beekman Investment Partners III, LP. The recapitalization, effective March 12th, included growth capital to support the Company’s continued expansion of its software-based payment solutions for customers in the government, education, and medical sectors. Utah-based Convenient Payments was founded in 2011 and offers a diverse range of payment services, with a focus on convenience fees, service fees, and other solutions that offset or eliminate the cost of payment processing for merchants. Convenient Payments provides its services through software that operates on a stand-alone basis or seamlessly integrates into third party software.
Casey Leloux, CEO of Convenient Payments, commented, “We are thrilled to partner with Beekman and look forward to working together to accelerate growth and continue strengthening and diversifying our service and technology offerings. Beekman and its principals have significant experience in the payment technology industry which will prove valuable as we expand our technology offering and grow the team.”
Andrew Brown, Managing Director at Beekman, stated “Beekman looks forward to working alongside Casey and the Convenient Payments team as they execute on their vision for the business. We are impressed by the Company’s technology platform and its ability to offer merchants a diverse range of tools for accepting and monitoring payments. We are excited to support Convenient Payment’s strong team and look forward to bringing additional resources to the Company to continue building on their success to date.”
Convenient Payments is the seventh platform investment for Beekman Investment Partners III, LP and the second payment technology platform for The Beekman Group.
About The Beekman Group
The Beekman Group is a private equity firm, based in New York City, dedicated to partnering with management teams to grow companies into market leading businesses. Beekman manages over $800 million of capital and has access to additional capital through strategic co-investment relationships. Beekman focuses on lower middle market investments in service-related sectors including healthcare services, consumer services, and business services. Beekman partners with management teams who desire to be significant owners and create meaningful value by accelerating organic and acquisition growth initiatives. The Beekman team consists of experienced private equity professionals, as well as a select group of Operating Advisors, who are leading executives in Beekman’s targeted industry segments. This Industry Advisor approach to investing is the cornerstone of Beekman’s investment strategy – bringing financial and operational resources to lower middle market companies in order to accelerate growth and create value for all shareholders. For more information, please visit www.thebeekmangroup.com.
About Convenient Payments
Convenient Payments, LLC is an advanced technology provider of end-to-end payment solutions, integration platforms and stored-value products for private and public sectors, in person, and online. Convenient Payments offers a robust payment processing solution for industries wanting to accept credit/debit card and ACH/ECheck transactions in person, over the phone, through the Internet or through an automated recurring payment module. To learn more about Convenient Payments, please visit: http://www.convenientpayments.com.