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H.I.G. Capital Acquires Pegasus Financial Services from Pegasus Solutions, Inc.
BOSTON – April 23, 2013 – H.I.G. Capital, LLC, a leading global private equity investment firm, is pleased to announce that its affiliate has completed the acquisition of Pegasus Financial Services (“PFS” or the “Company”), the world’s largest processor of commissions paid by hotels to travel agencies, from Pegasus Solutions, Inc.
Founded in 1992 and headquartered in Dallas, TX, PFS’s global payment network and technology solutions serve a large and diverse customer base of leading hotels and travel agencies worldwide. The Company provides a range of services to its hotel and travel agency customers, including commissions receipt and disbursement, foreign currency exchange, and reconciliation and tracking services.
H.I.G. is joining Mark Dubrow, Chief Executive Officer, Monica French, Senior Vice President of Business Development, and Jennifer Sampson, Vice President of Product and Client Services in their efforts to transition PFS into a standalone company and strengthen its position as the leading provider of hotel commissions processing worldwide.
Todd Ofenloch, Principal of H.I.G. Capital, said, “We are very excited to be working with Mark, Monica, and Jennifer and look forward to successfully carving out PFS and pursuing the Company’s next phase of growth. PFS is the industry leader and has developed strong customer relationships with both hotels and travel agencies worldwide. H.I.G. looks forward to supporting PFS’s growth while continuing the Company’s focus on providing its customers with exceptional services and solutions.”
Mark Dubrow, who will lead the Company as CEO, commented “We are excited about H.I.G. Capital’s investment and believe H.I.G.’s experience in corporate carve-outs will be valuable in establishing PFS as an independent company. With access to H.I.G.’s resources, we will be well positioned to continue to strengthen our service offering and leadership position in the industry.”
About Pegasus Financial Services
Headquartered in Dallas, TX, PFS is the world’s largest processor of commissions paid by hotels to travel agencies. PFS operates a global payment network and provides its hotel and travel agency customers with services including commission receipt and disbursement, foreign currency exchange, and reconciliation and tracking. The Company maintains offices in Dallas, London, and São Paulo.
About H.I.G. Capital
H.I.G. is a leading global private equity investment firm with more than $12 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 70 companies. For more information, please refer to the H.I.G. website at www.higcapital.com.