Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Merrick Bank is also a top-15 credit card merchant acquirer, clearing over $40 billion in transaction volume per year for more than 80,000 merchants and 40 independent sales organizations. Merrick Bank also provides installment finance options to consumers through marine and recreational vehicle dealers throughout the country, as well as personal installment loans through digital channels. Founded in 1997 as a wholly owned subsidiary of CardWorks, Merrick Bank is an FDIC insured top-15 Mastercard/Visa issuer of credit cards. CardWorks provides lending and merchant acquiring services through Merrick Bank. Carson Smithfield, LLC provides post-charge-off debt recovery services. Servicing more than 6 million accounts, CardWorks Servicing, LLC is the premier independent servicer of nationally-branded Visa®/Mastercard® cards, secured cards, and unsecured installment loans. CardWorks provides servicing operations and portfolio management to bank and non-bank consumer and small business lenders through CardWorks Servicing, LLC and Carson Smithfield, LLC. 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."įounded in 1987, CardWorks is a diversified consumer finance and payments company, operating three principal lines of business: Servicing, Lending, and Merchant Acquiring. "We value our partnership with Don, Dan Pillemer, and the entire CardWorks team. "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. "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." "Furthermore, I am excited to welcome Brian Golson to CardWorks' Board," Berman added. I am pleased that Parthenon's confidence in CardWorks has merited an additional investment." In connection with the transaction, Parthenon's co-CEO and managing partner, Brian Golson, will join CardWorks' Board of Directors.ĭon 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. "TSYS' single authorization platform connects acquirers to solutions for virtually any market, and we look forward to our trusted partnership as they help us support our diverse client base," said Merrick Bank president Rick Urrutia.įor more on this topic, visit the transaction processing research center.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. We are excited about the opportunity to provide solutions that will support Merrick's clients." "Our relationship with Merrick provides our clients sponsorship options with a respected financial institution. "TSYS supports a wide variety of Merrick partners, including traditional ISOs, technology companies and processors," said Mark Pyke, president of TSYS merchant services segment. The bank is also a leading acquirer of VISA and MasterCard transactions, said a news release announcing the deal. Merrick is a top-25 issuer of VISA and MasterCard credit cards, and lends nationally to consumers purchasing boats and recreational vehicles. These include point-of-sale solutions, as well as authorization, settlement, reporting, managed services and risk mitigation solutions. subsidiary Merrick Bank, to provide payment solutions for Merrick's independent sales organization partners. Payments specialist TSYS has signed a long-term agreement with CardWorks Inc.
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