Ex-Oklahoma Governor Keating joins PE-backed Global Holdings’ board

Former Oklahoma Governor Frank Keating has joined the board of directors of Global Holdings, an account and payment processing provider for the consumer debt settlement industry. Currently, a partner with Holland & Knight‘s financial services team, Governor Keating is also a former president and CEO of the American Bankers Association and the American Council of Life Insurers. During the Reagan Administration, he served as Assistant Secretary of the U.S. Treasury Department and Associate Attorney General of the United States. Under President George H.W. Bush, he served as General Counsel and Acting Deputy Secretary of the Department of Housing and Urban Development. Global Holdings is a portfolio company of New State Capital Partners.

PRESS RELEASE

Tulsa, Oklahoma, December 19, 2018 – Frank Keating, two-term governor of Oklahoma, has joined the board of directors of Global Holdings, the leading dedicated account and payment processing provider to the consumer debt settlement industry, the company announced today. Global Holdings is a portfolio company of New State Capital Partners.

Currently a partner with the Financial Services team at Holland & Knight, Governor Keating is also a former president and CEO of the American Bankers Association and the American Council of Life Insurers. During the Reagan Administration, he served as Assistant Secretary of the U.S. Treasury Department and Associate Attorney General of the United States. Under President George H.W. Bush, he served as General Counsel and Acting Deputy Secretary of the Department of Housing and Urban Development. Prior to his governmental appointments, Governor Keating was an FBI agent as well as a United States Attorney in Oklahoma.

“Governor Keating is highly respected in the area of compliance,” said Tim Merrick, Global Holdings’ CEO. “He offers unparalleled expertise on regulatory issues relating to all aspects of the financial services industry, and we are honored to welcome him to our board of directors.”

Governor Keating was just beginning his first term when the Alfred P. Murrah Federal building in Oklahoma City was bombed in 1995. His compassionate and professional handling of the tragic situation won him national recognition. His other accomplishments in office include winning a public vote on right-to-work, tort reform, tax cuts, and major road building and education reform. He is a past president of the Republican Governors Association.

“Global Holdings takes regulatory matters very seriously, and I look forward to advising them and New State Capital as they continue to develop and deliver quality financial services and products,” said Governor Keating.

Based in Tulsa, Oklahoma, Global Holdings was founded in 2003 by a team of payment processing industry veterans. Utilizing an industry-leading technology platform, Global Holdings processes over 70,000 transactions per day, representing over $8 billion in annual volume. As an independent third-party payment processor, Global has provided FDIC-insured accounts to more than 2.1 million consumers and to thousands of companies. The founding management team has remained as significant shareholders, key managers and consultants.

In May of 2017, New State Capital invested in the company alongside the founding management team. New State Capital Partners, LLC is an entrepreneurial-minded private equity firm that strives to be more nimble, more decisive and more cooperative than larger, institutional firms. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships, rather than as an exercise in meeting rigid investing criteria. The firm is very flexible about the structure of its investment and focuses on growth and add-on investment. New State invests in market-leading companies with $8 million to $30 million of EBITDA in the areas of business services, healthcare services and industrials, and has over $700 million in assets under management. New State and its affiliates have invested in 20 companies since January 2014. For more information visit www.newstatecp.com