Via https://newsapi.org online business online marketing online business opportunities Priority Technology Holdings, Inc. Announces Acquisition of Merchant Portfolio Assets from Direct Connect and Expanded Credit Facility

Via https://newsapi.org  online business opportunity  online marketing  online business opportunity opportunities Priority Technology Holdings, Inc. Announces Acquisition of Merchant Portfolio Assets from Direct Connect and Expanded Credit Facility


Via https://newsapi.org online business online marketing online business opportunities

ALPHARETTA, Ga.–()–Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority” or the
“Company”), a leading provider of merchant acquiring and commercial
payment solutions, today announced the acquisition of certain merchant
portfolio assets from Direct Connect Merchant Services LLC and Blue
Parasol Group LLC [together, “Direct Connect”], a portfolio company of
The Beekman Group. As part of the transaction, Priority will add a
diverse and low-risk merchant portfolio processing $1.7 billion in
annual volume, as well as a productive sales engine contributing to
enterprise growth.

Based in the Dulles Corridor of Northern Virginia, Direct Connect
provides customized ecommerce and electronic payment processing services
to businesses across the United States and Canada. In business since
1994, Direct Connect’s focused customer service and consistent
reliability have made it a respected industry leader and a trusted
partner of the customers that rely on them for their processing needs.

In addition to the acquisition, the Company also announced it has
amended its Senior Secured Credit Facility to permit an additional
$130.0 million of borrowings. This expanded credit facility will be used
to finance the acquisition from Direct Connect and to complete certain
other proposed transactions for additional merchant acquiring assets.

Thomas C. Priore, Executive Chairman and CEO of Priority, stated, “We
are extremely excited to have added Direct Connect’s merchant portfolio
assets and productive sales relationships to Priority. Along with the
increased diversification across industries, geographies and merchant
sizes, we expect to capture operational expense synergies as part of the
acquisition, as well as the opportunity to enhance effectiveness and
productivity via access to Priority’s purpose-built reseller tools and
merchant products. Its increasing focus on software-integrated payments
is also highly consistent with both our acquisition and growth
strategies, representing an excellent addition to the Priority platform
to drive long-term shareholder value.”

Andrew Brown, Managing Director of The Beekman Group, noted, “The sale
of Direct Connect’s Independent Sales Agents (ISAs) portfolio to
Priority will be a tremendous benefit to our ISAs and their merchants.
The transaction and our developing partnership with Priority will also
enable our retained payments business to continue to refine its focus on
Integrated Payments.”

About Priority Technology Holdings, Inc.
Priority is a
leading provider of merchant acquiring and commercial payment solutions,
offering unique product and service capabilities to its merchant network
and distribution partners. Priority’s enterprise operates from a
purpose-built business platform that includes tailored customer service
offerings and bespoke technology development, allowing the Company to
provide end-to-end solutions for payment and payment-adjacent
opportunities. Additional information can be found at www.PRTH.com.

Forward-Looking Statements
This press release contains
forward-looking statements that are subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those projected, expressed, or implied by such forward-looking
statements. In some cases, you can identify forward-looking statements
by use of words such as “may, will, should, anticipates, believes,
expects, plans, future, intends, could, estimate, predict, projects,
targeting, potential or contingent,” the negative of these terms or
other similar expressions. Our actual results could differ materially
from those discussed or implied herein.

We caution that it is very difficult to predict the impact of known
factors, and it is impossible for us to anticipate all factors that
could affect our actual results. All forward-looking statements are
expressly qualified in their entirety by these cautionary statements.
You should evaluate all forward-looking statements made in this press
release in the context of the risks and uncertainties disclosed in our
SEC filings. These filings are available online at www.sec.gov
or www.PRTH.com.

We caution you that the important factors referenced above may not
contain all of the factors that are important to you. In addition, we
cannot assure you that we will realize the results or developments we
expect or anticipate or, even if substantially realized, that they will
result in the consequences we anticipate or affect us or our operations
in the way we expect. The forward-looking statements included in this
press release are made only as of the date hereof. We undertake no
obligation to publicly update or revise any forward-looking statement as
a result of new information, future events or otherwise, except as
otherwise required by law. If we do update one or more forward-looking
statements, no inference should be made that we will make additional
updates with respect to those or other forward-looking statements. We
qualify all our forward-looking statements by these cautionary
statements.

Read More

Be the first to comment on "Via https://newsapi.org online business online marketing online business opportunities Priority Technology Holdings, Inc. Announces Acquisition of Merchant Portfolio Assets from Direct Connect and Expanded Credit Facility"

Leave a comment

Your email address will not be published.


*