Parthenon Capital Buys Global Payments
Author:
Muhammad Gregory
Money moves: private equity company Parthenon Capital has announced that it has finally wrapped up its previously announced acquisition of Global Payments’ gaming division for an undisclosed sum of money. As per the agreement, first unveiled in February 2023, the division has now been rebranded as Pavilion Payments and will go on providing payment services to the gaming industry.
Parthenon Capital has revealed that it has finalized its previously announced acquisition of Global Payments’ gaming division for an undisclosed sum of money.
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Global Payments to Continue Powering Pavillion’s Payment Solutions for Years to Come
Making money moves: it has been announced that private equity company Parthenon Capital has finally finished its acquisition of Global Payments’ gaming division, paying an as of yet undisclosed amount for the purchase.
According to the terms of the agreement, which was initially unveiled in February 2023, the division Pantheon now owns has been rebranded and renamed as Pavilion Payments. Worth noting is that it will still continue to provide omni-channel payments services catered exclusively to the gaming industry.
Pavilion Payments will operate out of a brand new headquarters in Las Vegas, Nevada, and is expected to provide kiosk, cashless and igaming technology to the industry. This includes the likes of the VIP Preferred c-check network, which works by connecting millions of users around the United States to more than 400 in-person and online gaming institutions. Finally, observers will be pleased to hear that Global Payments will go on powering Pavilion’s payment solutions thanks to a long-term partnership.
Industry Growth is Exhilarating, According to Pavillion Payments’ Chief Executive
Speaking on the occasion of Parthenon Capital purchasing Global Payments’ gaming division and renaming it Pavillion Payments, Pavilion chief executive Christopher Justice noted the gaming industry’s growth, claiming Pavillion finds itself in a good spot right now:
“The growth we are seeing in the gaming industry is exhilarating. We are well positioned to take advantage of the changes rapidly occurring in our industry. As an independent company, we will continue to advance our innovative product development roadmap and provide outstanding service to our clients.”– Christopher Justice, Chief Executive, Pavillion Payments,Press Release
Justice continued by boasting the company’s recently unveiled online bank credentialing product, promising clients a better onboarding experience:
“We are proud of several recent product introductions including our online bank credentialing solution, which will make enrollment quicker and simpler for patrons, and continue to remove friction from the gaming experience.”
Meanwhile, for its part, Zach Sadek, who is a senior partner at Parthenon, claimed it was pleased to be supporting the birth of Pavillion Payment:
“We are excited to sponsor Pavilion Payment’s emergence as an independent company. Pavilion’s modern payment solutions create substantial value for operators across the gaming ecosystem and we are thrilled to support the expansion of solutions.”– Zach Sadek, Senior Partner, Parthenon Capital,Press Release
Penn Entertainment Took Over Barstool Sports in February 2023
On the subject of acquisitions, another major one took place just recently in February 2023, when omni-channel gaming provider Penn Entertainment also finally completed its takeover of media business and notorious podcast platform Barstool Sports.
Penn paid up an additional $388 million to complete the deal, with Penn Entertainment CEO Jay Snowden stressing the importance of incorporating a brand like Barstool Sports into the larger Penn ecosystem.
Snowden went on to praise Barstool in a shared statement, claiming the media group will benefit from greater flexibility in its operations as a result of Penn’s powerful technology stack:
“We are extremely pleased to welcome Barstool Sports fully into the PENN Entertainment family. Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division. Barstool, combined with theScore’s reach and highly engaged user base, creates a massive digital footprint and ecosystem that will serve to propel Barstool Sportsbook and our uniquely integrated media and gaming business. Further, the Barstool Sportsbook will greatly benefit from the upcoming migration to our proprietary technology stack, a move that will significantly enhance the overall product offering and deliver meaningful upside.”– Jay Snowden, Chief Executive Officer, Jay Snowden,Press Release
FansUnite Acquired American Affiliate Back in November 2021
Up north, the Vancouver-based sports betting and iGaming provider FansUnite Entertainment announced back in November 2021 that it would be acquiring American Affiliate to give it an upper hand in the US betting market.
The sportsbook operator paid an impressive $58.2 million for the brand, whose function is to act as a collection of assets intended to generate new depositing customers for legal sportsbooks, online casinos, online poker websites, and other similar products in the US.
Scott Burton, chief executive of FansUnite, celebrated the news of the American Affiliate acquisition by positioning it as the sports betting provider’s most significant milestone up until that point in time:
“The acquisition of American Affiliate represents the most significant milestone for FansUnite to date. This transformative transaction will provide us further access to the lucrative US regulated sports betting and online gambling market while generating accretive, high-margin revenue, expanding our leadership team, and accelerating the growth of our company’s footprint in the global gambling market. We will now own and operate an unparalleled customer acquisition portfolio, allowing us to leverage our technology, brands, and talent to immediately capture share in the US sports betting and online gambling market.”
Burton also cited an ever-expanding US gambling market as rationale for the American Affiliate takeover:
“When we looked at how quickly the U.S market is expanding, it made clear strategic sense for us to enter the affiliate business as a way to partner with some of the largest gambling companies in the world. We will now own and operate an unparalleled customer acquisition portfolio, allowing us to leverage our technology, brands, and talent to immediately capture share in the U.S. sports betting and online gambling market.”
