September 25, 2019 09:00 AM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–The Beekman Group (“Beekman”) announced today that Convenient Payments Holdings LLC (“Convenient Payments”), a portfolio company of Beekman Investment Partners III, LP, has acquired Mainstreet Computers, Inc (“MainstreetTM” or the “Company”), a Belleville, MI-based provider of business software to the auto and flat glass industries. Through its flagship product, Glas-AvenueTM, MainstreetTM offers an integrated software solution that enables its customers to quote, accept, and manage work orders, schedule technician jobs, manage inventory, accept payments, communicate with insurance carriers, and complete many other critical business functions. Glas-AvenueTM is cloud-based and accessible through a mobile application and includes exceptional customer service tools as well as integrations with complementary software solutions and data sources. Over its 37+ years of operation, MainstreetTM has cultivated a highly diversified and loyal base of customers.
Casey Leloux, CEO of Convenient Payments, commented, “We are impressed with the MainstreetTM team and are thrilled to welcome them to the Convenient Payments family. Our vision for Convenient Payments has always been to partner with software companies like MainstreetTM, connect them to our IntellipayTM payment processing platform, and provide additional resources both to accelerate growth and support critical back-office functions, including accounting and finance, marketing, and product development. Today, with support from Beekman, we took a big step towards achieving that vision.”
Brad Rhoades, CEO of MainstreetTM commented, “We look forward to working with Convenient Payments and Beekman. Their experience with businesses like ours as well as the resources they bring to bear are a perfect match for our growth goals. By pooling our resources, we strongly believe that both companies will be better positioned to deliver value-add solutions to our customers on a more compressed timeframe.”
David Carnahan, the Founder of MainstreetTM who will be an investor and strategic advisor to Convenient Payments going forward, commented, “This transaction is a terrific outcome for MainstreetTM and its employees, and I believe in the vision that Casey and team have put together. I look forward to seeing the benefits of this synergistic relationship, both to Mainstreet and its clients.”
Jim Clippard, Principal of Beekman added “We are excited to support Casey, Brad and the entire Convenient Payments team in building a diversified payments and software business with innovative and value-add service offerings. There are several significant growth initiatives underway at each business and the combination will accelerate the execution of those initiatives. We continue to seek complementary software and payments companies who would benefit from additional resources to accelerate their growth plans.”
Convenient Payments is the eighth and final platform investment for Beekman Investment Partners III, LP and the second payments technology platform for The Beekman Group.
About The Beekman Group
The Beekman Group is a private equity firm, based in New York City, dedicated to partnering with management teams to grow companies into market-leading businesses. Beekman manages over $800 million of capital and has access to additional capital through strategic co-investment relationships. Beekman focuses on lower middle market investments in service-related sectors including business services, healthcare services, and consumer. Beekman partners with management teams who desire to be significant owners and create meaningful value by accelerating organic and acquisition growth initiatives. The Beekman team consists of experienced private equity professionals, as well as a select group of Operating Advisors, who are leading executives in Beekman’s targeted industry segments. This Industry Advisor approach to investing is the cornerstone of Beekman’s investment strategy – bringing financial and operational resources to lower middle-market companies in order to accelerate growth and create value for all shareholders. For more information, please visit www.thebeekmangroup.com.
About Convenient Payments
Convenient Payments, LLC and its flagship product, IntelliPayTM have been disrupting the payment processing industry with our intelligent cloud-based payment platform and alternative payment models since 2011. We offer the most complete payment processing solutions for industries wanting to accept credit/debit card and ACH/ECheck transactions in person, over the phone, online, mobile, or through our automated recurring payment module. To learn more about Intellipay, please visit www.IntelliPay.com. To learn more about the company, please visit www.convenientpayments.com.
About MainstreettTM Computers
MainstreetTM, a technology company founded in 1982, provides best-in-class solutions and support for our customers that include SaaS, Mobile app for Technicians, Disaster Recovery, Web Design and 24/7 Call Center Services to the Auto and Flat Glass industries. We help our clients be more productive and profitable. To learn more about MainstreetTM, please visit: https://mainstreetcomp.com