Key Takeaways
- • Convenient Brands, a Draper, Utah-based software and payments platform backed by The Beekman Group, announced it has acquired Dealer Pay, LLC of St. Louis, Missouri, and provided a strategic growth investment; no purchase price was disclosed.
- • Dealer Pay offers web-based payments and point-of-sale software for dealerships and serves some of the largest dealerships and automotive groups in the U.S.
- • The deal expands Convenient Brands' auto-related software and payment services footprint, adding to portfolio companies ROME Technologies, Mainstreet Computers, Digital Business Controls, and Intellipay.
- • Convenient Brands CEO Casey Leloux and Beekman Managing Director Jim Clippard frame the transaction as a step toward a market-leading software and payments processing platform for the auto industry.
Summary
Convenient Brands, a platform of business technology companies serving the automotive industry, announced that it has acquired Dealer Pay, LLC ("Dealer Pay") of St. Louis, Missouri, and provided the company a strategic growth investment, according to a Business Wire release dated August 4, 2022. The release does not disclose the purchase price or terms of the transaction.
Dealer Pay describes itself as a leader in modern payments and point-of-sale software for dealership industries. Its web-based solutions are designed to improve daily efficiencies, increase revenue, streamline operations and enhance security, and the company says its real-time support and ongoing product development have enabled it to serve some of the largest dealerships and automotive groups in the U.S.
Julie Douglas, President and CEO of Dealer Pay, said she has spent more than 20 years in the payments and dealership spaces and that the additional resources from Convenient Brands will help the company grow faster and become a household name in the industry. Casey Leloux, CEO of Convenient Brands, said Dealer Pay complements the company's footprint in auto-related software and payment services and broadens the product suite it can offer customers, adding that the enterprise payments technology Dealer Pay has built is "exactly what the market needed."
Jim Clippard, Managing Director at The Beekman Group, said Dealer Pay is a key addition to the Convenient Brands portfolio and another important step in building a market-leading software and payments processing platform.
Convenient Brands is headquartered in Draper, Utah, and is a portfolio company of The Beekman Group, a New York City-based private equity firm focused on healthcare, consumer and business services. Beekman says it manages over $1 billion in assets and has completed more than 175 transactions since its inception. Convenient Brands' other portfolio companies include ROME Technologies, Mainstreet Computers, Digital Business Controls and Intellipay.
Dealer Pay describes itself as a leader in modern payments and point-of-sale software for dealership industries. Its web-based solutions are designed to improve daily efficiencies, increase revenue, streamline operations and enhance security, and the company says its real-time support and ongoing product development have enabled it to serve some of the largest dealerships and automotive groups in the U.S.
Julie Douglas, President and CEO of Dealer Pay, said she has spent more than 20 years in the payments and dealership spaces and that the additional resources from Convenient Brands will help the company grow faster and become a household name in the industry. Casey Leloux, CEO of Convenient Brands, said Dealer Pay complements the company's footprint in auto-related software and payment services and broadens the product suite it can offer customers, adding that the enterprise payments technology Dealer Pay has built is "exactly what the market needed."
Jim Clippard, Managing Director at The Beekman Group, said Dealer Pay is a key addition to the Convenient Brands portfolio and another important step in building a market-leading software and payments processing platform.
Convenient Brands is headquartered in Draper, Utah, and is a portfolio company of The Beekman Group, a New York City-based private equity firm focused on healthcare, consumer and business services. Beekman says it manages over $1 billion in assets and has completed more than 175 transactions since its inception. Convenient Brands' other portfolio companies include ROME Technologies, Mainstreet Computers, Digital Business Controls and Intellipay.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.