Lovell Minnick Partners, a private equity firm focused on investments in the global financial services industry, has completed the acquisition of Billhighway, a provider of integrated software and payments solutions to membership-based organisations (MBOs).
Financial terms of the private transaction have not been disclosed.
Headquartered in Troy, Michigan, 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. Billhighway improves the members’ experience while automating back-office functions and enhancing cash flow for national headquarters and local chapters. Founded in 1999, the Company is a leader in serving MBOs, which have more than 750,000 members nationwide.
“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,” says Trevor Rich, Partner at Lovell Minnick. “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 has continued to enhance its technology capabilities by developing integrations with leading member management, fundraising, and event management platforms. The Company has been highly focused on bringing together the best technology solutions and services to better serve its clients. The Company recently rolled out an in-person payments solution, an integrated housing management solution, and expanded services for MBO’s foundations and fundraising activities.
“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,” says Tom Bomberski, President at Billhighway. “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.”
“Billhighway’s platform provides MBOs with industry-leading financial and payments tools that streamline back-office tasks so MBOs can focus on their broader objectives, such as member experience and growth,” says Greg Cohen, an Operating Partner to Lovell Minnick and former president of the Electronic Transactions Association. “In partnership with Lovell Minnick, Billhighway will pursue organic and acquisitive growth opportunities to expand its footprint and position the Company for continued success.”
As part of the transaction, Trevor Rich and Greg Cohen will be joining 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
