Private equity firm HIG Capital has acquired Pegasus Financial Services (PFS), the world’s largest processor of commissions paid by hotels to travel agencies, from Pegasus Solutions.
Founded in 1992 and headquartered in Dallas, Texas, PFS’s global payment network and technology solutions serve a large and diverse customer base of 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.
HIG 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 a leading provider of hotel commissions processing worldwide.
Todd Ofenloch, principal of HIG Capital, says: “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. HIG looks forward to supporting PFS’s growth while continuing the company’s focus on providing its customers with exceptional services and solutions.”
Dubrow, who will lead the company as CEO, says: “We are excited about HIG Capital’s investment and believe HIG’s experience in corporate carve-outs will be valuable in establishing PFS as an independent company. With access to HIG’s resources, we will be well positioned to continue to strengthen our service offering and leadership position in the industry.”
