Lovell Minnick Partners has completed the acquisition of Billhighway, a provider of integrated software and payments solutions to membership-based organizations. Financial terms of the private transaction have not been disclosed.
Troy-based Billhighway provides SaaS-based accounting and transaction processing services to MBOs such as fraternities, sororities, unions and associations. MBOs use the company’s technology suite for accounting, reconciliation and reporting while leveraging a full suite of electronic bill payment and presentment solutions.
“We are excited to partner with the Billhighway team to support the company’s growth in its core MBO markets and expansion into new segments,” Lovell Minnick Partner Trevor Rich said in a statement. “We believe that Billhighway solves critical pain points for its clients through scalable, differentiated technology and superior client service, and we are excited to accelerate further investments in the product, the market and the team.”
Billhighway President Tom Bomberski added: “Lovell Minnick brings invaluable experience in the financial technology and payments sectors, and we’re pleased that we have found the right partner to help us further grow our business. They are highly committed to our current clients and their investment and operational acumen will help us to continue building out our technology platform, to enable member-based organisations to transform their operations, and to capitalize on attractive market opportunities.”
In partnership with Lovell Minnick, Billhighway plans to pursue organic and acquisitive growth opportunities to expand its footprint and position the company for continued success, says Greg Cohen, an operating partner to Lovell Minnick and former president of the Electronic Transactions Association.
As part of the transaction, both Rich and Cohen will join Billhighway’s board of managers. Morgan, Lewis & Bockius and Jaffe Raitt Heuer & Weiss provided legal counsel to Lovell Minnick. TPG Sixth Street Partners and Wells Fargo Bank, NA provided financing for the transaction.