Parthenon Capital has made an investment in CardWorks, a consumer finance and payments company. No financial terms were disclosed. Kirkland & Ellis advised Parthenon on the deal while Wachtell, Lipton, Rosen & Katz advised CardWorks.
PRESS RELEASE
AUSTIN, Texas — Parthenon Capital is pleased to announce that it has made an additional investment in CardWorks, Inc., the parent company of CardWorks Servicing, Merrick Bank and Carson Smithfield. In connection with the transaction, Parthenon’s co-CEO and managing partner, Brian Golson, will join CardWorks’ Board of Directors.
Don Berman, CardWorks founder, executive chairman and majority shareholder, commented, “Everyone at CardWorks has benefited from having Parthenon Capital involved in our company as shareholders and partners over the last four years. I am pleased that Parthenon’s confidence in CardWorks has merited an additional investment.”
“Furthermore, I am excited to welcome Brian Golson to CardWorks’ Board,” Berman added. “I am confident that Brian’s perspectives and experience will be valuable as we work together to grow our business as a people-centric, compliance-focused organization enabled by data and technology.”
“Having known Don Berman and the unique franchise he has nurtured at CardWorks for nearly 30 years, I am thrilled to expand our investment in the company,” said Golson. “We value our partnership with Don, Dan Pillemer, and the entire CardWorks team. I am humbled by the opportunity to join the Board of this iconic financial technology franchise that excels in consumer lending, payments and servicing and contribute to its continued success on behalf of its employees, clients and customers for many years to come.”
The terms of the transaction are confidential.
Parthenon was advised on the transaction by Kirkland & Ellis LLP and CardWorks was advised by Wachtell, Lipton, Rosen & Katz.
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