Newly Independent Pavilion Payments Announces Closing of Previously Announced Transaction

Rhea-AI Summary

Pavilion Payments has successfully completed its transaction with Global Payments (NYSE: GPN) and Parthenon Capital. Located in Las Vegas, Pavilion Payments focuses on providing advanced omni-channel payment solutions for the gaming industry. The company aims to enhance customer experiences by eliminating friction in the gaming process through innovative products like online bank credentialing and its industry-standard e-check network, VIP Preferred®. This network connects millions of users with over 400 gaming institutions. Global Payments will maintain a long-term partnership to power Pavilion's payment solutions.

Positive

• Successful transaction with Global Payments aligns Pavilion Payments with a strong partner.
• Pavilion Payments is positioned to leverage growth in the gaming industry.
• Innovative product introductions, such as online bank credentialing and VIP Mobility, enhance customer experience.
• VIP Preferred® network connects millions to over 400 gaming institutions, facilitating easy fund transfers.

Negative

• None.

LAS VEGAS--(BUSINESS WIRE)-- Pavilion Payments (“Pavilion” or the “Company”) has closed its previously announced transaction with Global Payments Inc. (NYSE: GPN) alongside Parthenon Capital (“Parthenon”), a leading growth-focused private equity firm. Formerly known as Global Payments Gaming Solutions, Pavilion Payments is the leading omni-channel payments provider exclusively serving the gaming industry.

From its new headquarters in Las Vegas, the Pavilion Payments team will lead an independent company focused on providing its customers with unparalleled service. “The growth we are seeing in the gaming industry is exhilarating,” said Pavilion’s chief executive officer Christopher Justice. “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. 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.”

The name, “Pavilion Payments,” pays tribute to the company’s mission to provide operators and patrons with a single, integrated gaming solution under one roof. Pavilion’s products are ubiquitous, meeting patrons at the cage, on the floor and online. By partnering with Pavilion’s best-in-class kiosk, cashless and iGaming technology, gaming operators can stay ahead of the curve and create exceptional consumer experiences across their physical and digital properties.

Pavilion's industry-standard e-check network, VIP Preferred®, connects millions of users around the country to more than 400 in-person and online gaming institutions. After a one-time enrollment, VIP Preferred users can easily transfer funds from one gaming institution to another and utilize Pavilion's other payments solutions like VIP Financial Centers, Cash Advance, Delayed Settlement and VIP Mobility™. VIP Mobility is the industry’s first mobile solution enabling cashless gaming from funding through cash-out.

Global Payments will continue to power the Company’s payment solutions through a long-term partnership.

About Pavilion Payments

Pavilion Payments enables the world’s gaming entertainment leaders to create amazing consumer experiences and maximize spend across all their physical and digital properties. Pavilion Payments is the leading omnichannel payment solutions provider for the gaming industry, providing integrated omnichannel and software solutions that enable flexible funding, play and cash out. For more information visit www.pavilionpayments.com.

About Parthenon Capital

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. Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapital.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005637/en/

Patrick Guilshan

patrick@williammills.com

(678) 781-7232

Source: Pavilion Payments

FAQ

What is Pavilion Payments' focus after the transaction with Global Payments (GPN)?

Pavilion Payments focuses on providing advanced omni-channel payment solutions for the gaming industry.

How does Pavilion Payments enhance customer experiences?

Pavilion Payments enhances customer experiences by introducing innovative products that reduce friction in the gaming process.

What is the significance of the VIP Preferred® network in Pavilion Payments' offerings?

The VIP Preferred® network connects millions of users to over 400 gaming institutions, enabling easy fund transfers.

What recent innovations has Pavilion Payments introduced?

Pavilion Payments has introduced products like online bank credentialing and VIP Mobility for cashless gaming.

How is Global Payments involved with Pavilion Payments post-transaction?

Global Payments will continue to power Pavilion Payments' payment solutions through a long-term partnership.