Private Equity-Backed Convenient Brands Acquires Dealer Pay and Provides Strategic Growth Investment
Convenient Brands announced today that it has acquired Dealer Pay, LLC ("Dealer Pay") of St. Louis, MO and provided a strategic growth investment.
Dealer Pay is the leader in modern payments and point-of-sale software solutions for the dealership industries. Dealer Pay's solutions are web-based and offer a tech-forward approach to payments technology and end-user functionality, providing an invaluable offering exclusive to dealers. The solution is designed to improve daily efficiencies, increase revenue, streamline operations, and enhance security, and along with real time support and on-going product development, has enabled Dealer Pay to serve some of the largest dealerships and automotive groups in the U.S.
Julie Douglas, President and CEO of Dealer Pay, explained, "For more than 20 years, I have learned both the payments and dealership spaces thoroughly. I have worked to create Dealer Pay's solution and product offering and am proud to see all that we have accomplished to date. I have a passion for these industries and a commitment to my dealers to provide the best solutions available. We have big plans to continue growth and expansion, and now with the support of Convenient Brands, we will have more resources to achieve our goals, faster, and to be the household name in the industry."
Casey Leloux, CEO of Convenient Brands, added, "Dealer Pay is a terrific complement to our footprint in the auto-related software and payment services industries and expands the product suite that we can offer customers. The enterprise payments technology that Dealer Pay has built is exactly what the market needed, and we look forward to working with Julie and the rest of the Deaer Pay team on a range of initiatives to support additional growth."
Jim Clippard, Managing Director at Beekman, stated "Dealer Pay's solutions are a key addition to the Convenient Brands portfolio, and this transaction is another important step in building a market-leading software and payments processing platform. We congratulate Julie and Dealer Pay on the strong momentum and look forward to working with her."
About Convenient Brands: Convenient Brands is a platform of business technology companies that provide enterprise-level software to the automotive industry as well as integrated payment processing services: ROME Technologies (www.rometech.com), Mainstreet Computers (www.mainstreetcomputers.com), Digital Business Controls, Intellipay (www.intellipay.com), and Dealer Pay (www.dealer-pay.com). Convenient Brands is headquartered in Draper, Utah and is a portfolio company of New York-based private investment firm, The Beekman Group.
About The Beekman Group: The Beekman Group is a private equity firm based in New York City that is focused on building industry-leading companies in the healthcare, consumer, and business services sectors. The firm partners with management teams who desire to be significant owners and create meaningful value by accelerating organic and acquisition growth initiatives. Beekman manages over $1 billion in assets and has completed over 175 transactions since inception. For more information, please visit www.thebeekmangroup.com.