Beekman Group Portfolio Company Convenient Brands Completes Sale of Dealer Pay, a Leader in Seamless, Integrated Payments Software Solutions for the Dealership Industries, to Vehlo Holdings
BUSINESS WIRE)--Convenient Brands, Inc. ('Convenient Brands'), a provider of auto repair software and payment processing services, announced today that it has completed the sale of Dealer Pay, LLC ('Dealer Pay'), the leader in seamless, integrated payment processing and advanced point-of-sale software solutions for the dealership industries, to Vehlo Holdings.
Dealer Pay has seen significant growth in demand for its products due to their advanced features, ability to support multiple payment options, their reporting capabilities, modern user interface, and DMS integrations which together with the company's robust customer support function creates a compelling value proposition that has led to meaningful market share gains. Dealer Pay focuses on franchised auto dealerships but can support other types of dealerships as well, such as RV, Marine, and Truck. Beekman and Convenient Brands acquired Dealer Pay in July 2022 and supported Dealer Pay in significant product development and staff expansion. Under Convenient Brands' management, Dealer Pay grew its revenue by approximately 4.0x and its total valuation by over 6.0x in less than three years.
'We congratulate Julie Douglas and the Dealer Pay team for developing such a strong payment processing solution for dealerships and for generating such strong growth. We wish them the best and are sure that Dealer Pay's best years still lie ahead,' said Casey Leloux and James Clippard in a joint statement. Mr. Leloux serves as CEO of Convenient Brands and Mr. Clippard serves as Chairman of Convenient Brands' Board of Directors and Managing Director of The Beekman Group, the majority owner of Convenient Brands.
Presidio Technology Partners served as financial advisor to Convenient Brands in connection with the transaction. Akerman served as legal advisor to Convenient Brands and Beekman Group. Financial details of the transaction were not disclosed.
About Convenient Brands
Convenient Brands is a platform of business technology companies that provide shop management software to auto repair businesses as well as integrated payment processing services to merchants in a range of industries, including auto, government, and property management. Convenient Brands is comprised of Mainstreet Computers (www.mainstreetcomputers.com), ROME Technologies (www.rometech.com), ImEX Systems (www.imexsystems.ca), Web-Est (www.web-est.com), and Intellipay (www.intellipay.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, 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 200 transactions since inception. For more information, please visit www.thebeekmangroup.com.
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