Parthenon Capital Partners, which has invested in Cayan and BillingTree, is apparently taking a stake in another payments company.
The private equity firm is investing in Payroc, according to a filing on the FTC site. The Oct. 11 post did not disclose financial terms.
M&A transactions, those valued at a minimum of $90 million or larger, are required to be reported to the FTC and the Department of Justice prior to consummation. Early-termination notices appear on the FTC site after the regulator has conducted an antitrust review of a deal.
Payroc, of Tinley Park, Illinois, is a merchant services and payment organization. The company services and supports more than 30,000 retailers in North America, while processing more than $10 billion in annual charge volume.
Payroc raised $32.4 million in funding from undisclosed investors in September 2016, PitchBook said. In March, Payroc bought Detrok Technology Services, a hospitality technology provider. The company acquired Integrity Payment Systems, a payment processor, last year.
Earlier in 2019, Payroc was seeking an outside investor, a banker said.
Parthenon in July merged two portfolio companies, Zelis Healthcare and RedCard, and brought in Bain Capital as an investor to help fuel growth in the newly created healthcare-fintech platform. The PE firm sold Cayan, a global credit card processor, to TSYS for $1.05 billion in 2017, making 15x its money, Buyouts reported. It sold a majority of Millennium Trust Co to Abry Partners in January.
Founded in 1998, Parthenon targets middle-market companies in financial, healthcare and business services. The PE firm, which has offices in San Francisco and Boston, closed its fifth flagship on $1 billion in 2016.
Executives for Parthenon and Payroc could not be reached for comment.
Action Item: See Parthenon’s latest form ADV here.