White Rock Advisors, LLC is pleased to announce it recently advised The Payment Group, LLC (“TPG”) of Dallas, Texas on its sale to Complus Data Innovations, Inc. (“CDI”), a portfolio company of Thompson Street Capital Partners (“TSCP”), a private equity firm based in St. Louis, Missouri.
Founded in 2000 by father and son Mark and Matt Withrow, The Payment Group is a payment processing company serving hundreds of municipalities across the United States to accept payments for various court related matters, including traffic citations, warrants, low degree misdemeanors, as well as utility payments. TPG has continued as an industry leader due in part by the Company’s software integration capabilities, as well as the high level of service provided to clients. TPG’s system is easy to access by end-users and offers a variety of payment options.
Complus Data Innovations, of Tarrytown, New York is a provider of Parking Ticket Management solutions. The acquisition of TPG will significantly increase the number of municipal clients that it serves, especially those in the Western and Southwestern region where many of TPG’s clients reside.
Matt Withrow, President of The Payment Group, stated, “We could not have done this without the expert advice and assistance of the entire White Rock Advisors team—they were integral to a successful transaction. We are extremely excited to be partnering with the Complus team, and the combination of these two businesses will immediately expand our geographic reach and allow for us to explore even more payment solutions for our customers. I am thrilled to continue as President of TPG and am eager to be part of the Complus team.”
Simon Martin, Managing Director of White Rock Advisors added, “It was a pleasure to work with Matt, Mark, and the entire team at TPG. We believe this is a very good combination of companies that will be a force in the municipal payment software and services space. We are very excited for the future of all involved and could not be happier with the process.”