![]() ![]() ![]() ![]() 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.įounded in 1987, CardWorks is a diversified consumer finance and payments company, operating three principal lines of business: Servicing, Lending, and Merchant Acquiring. 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. 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. Carson Smithfield, LLC provides post-charge-off debt recovery services. CardWorks provides lending and merchant acquiring services through Merrick Bank. Founded in 1997 as a wholly owned subsidiary of CardWorks, Merrick Bank is an FDIC insured top-15 Mastercard/Visa issuer of credit cards. 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. 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. Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. ![]()
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