Private-equity firm Parthenon Capital Friday announced a definitive agreement to acquire the gaming division of Global Payments. Global Payments Gaming Solutions will become Pavilion Payments, a stand-alone and independent company.
After closing the deal, Pavilion Payments will continue to offer Global Payments Gaming Solutions’ suite of payment systems and processes for the gaming industry, including the cashless VIP Mobility.
“Global Payments Gaming Solutions’ innovative product portfolio, including the industry’s only true omnichannel payments offering and most successful cashless implementations, positions Pavilion Payments to continue to ensure its customers’ success,” said Parthenon Capital Partner Zach Sadek in a statement.
The acquired business will continue to be led by its management team. Current president Christopher Justice will assume the title of Pavilion Payments’ CEO.
“The transaction positions our business to meet the evolving needs of the gaming industry and capitalize on the growth trends, especially in markets like igaming,” Justice said. “We’re focused on creating unique player experiences for both in-person and online gaming. Customers can expect further focused investment in innovation and product development, bringing clients more advanced tools to support patron engagement and satisfaction, lift revenue, and reduce friction.”
Global Payments’ current customers will continue to have access to the same teams and payment-acceptance capabilities.
Over the last 15 years, Parthenon has forged strategic partnerships with companies in the payments sectors, including BlueSnap, BillingTree, Cayan, and Payroc. Parthenon focuses on accelerating the development of gaming-industry-focused systems that help customers achieve business objectives organically and through acquisitions.
The transaction is due to be completed by the end of March, subject to regulatory approvals.
