![]() Carson Smithfield, LLC provides post-charge-off debt recovery services. 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. 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. 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. The terms of the transaction are confidential. I am humbled by the opportunity to join the Board of this iconic financial technology franchise that excels in consumer lending, payments and servicing and contribute to its continued success on behalf of its employees, clients and customers for many years to come.” ![]() “We value our partnership with Don, Dan Pillemer, and the entire CardWorks team. “Having known Don Berman and the unique franchise he has nurtured at CardWorks for nearly 30 years, I am thrilled to expand our investment in the company,” said Golson. “I am confident that Brian’s perspectives and experience will be valuable as we work together to grow our business as a people-centric, compliance-focused organization enabled by data and technology.” “Furthermore, I am excited to welcome Brian Golson to CardWorks’ Board,” Berman added. I am pleased that Parthenon’s confidence in CardWorks has merited an additional investment.” In connection with the transaction, Parthenon’s co-CEO and managing partner, Brian Golson, will join CardWorks’ Board of Directors.ĭon Berman, CardWorks founder, executive chairman and majority shareholder, commented, “Everyone at CardWorks has benefited from having Parthenon Capital involved in our company as shareholders and partners over the last four years. Sign up now for the ATM Marketplace newsletter and get the top stories delivered straight to your inbox.AUSTIN, Texas-( BUSINESS WIRE)-Parthenon Capital is pleased to announce that it has made an additional investment in CardWorks, Inc., the parent company of CardWorks Servicing, Merrick Bank and Carson Smithfield. KEEP UP WITH ATM AND DIGITAL BANKING NEWS AND TRENDS "As such, the acquisition will further strengthen our end-to-end credit card and installment loan portfolio management and servicing offerings for banks, credit unions, non-bank lenders, and asset managers." CardWorks will offer its resources and operational support to Dataline, which will in turn grow its business with clients in both companies. ![]() "Dataline has unique capabilities in payment disbursement services, data reporting and analytics, and business process automation, each of which are additive to our existing CWS capabilities," Matt Berman, head of servicing business at CardWorks, said in the release. In this deal, it appears that Ally which saw its stock price drop post deal opted not to "fill" the deal per reports.ĬardWorks Servicing LLC, an outsourcing support services for credit cards and installment loan products, has acquired Dataline Systems LLC, a business process outsourcing and financial services operations support company, according to a press release. Such an adjustment was said to potentially arise if Ally’s stock price were to decline by more than 15% in which case a kill-or-fill termination right would be exercised in which Ally can elect to fill it by issuing additional stock. According to the acquisition announcement, the share number of the deal was based on Ally’s closing stock price of $32.85 on February 14, and the price was based on Ally’s forecast of closing equity and other adjustments, excluding any possible kill-or-fill adjustment. This was due in part to the structure of the deal. However, on June 24, 2020, both parties announced that the deal had been called off. On February 18, 2020, CardWorks announced it was being acquired by Ally Financial for $2.65B. Carson Smithfield provides post-charge-off debt recovery services. CardWorks Servicing is an independent servicer of nationally-branded Visa®/Mastercard® cards, secured cards, and unsecured installment loans. CardWorks provides servicing operations and portfolio management to bank and non-bank consumer and small business lenders through CardWorks Servicing and Carson Smithfield. ![]() CardWorks is a consumer lender, merchant acquiring bank, and loan servicer to regulated financial institutions and non-bank lenders.
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