ComVest Investment Partners has agreed to lead a financial restructuring, management change, and equity investment in Pipeline Data, a provider of payment processing and other related services. The restructuring includes a $15 million investment from ComVest to shore up Pipeline's balance sheet and an additional $15 million acquisition line of credit from ComVest. The restructuring will reduce the company's debt from $53 million to $42 million and eliminate a $16 million put option held by the former owners of Charge.com.
According to data provided by the PitchBook Platform, there have been 18 other payment processing company investments since 2005. The predominant investor in this sector is Purepay Capital, an investor focused solely in the financial services and payment processing industries. The firm has invested in 6 companies in this time period. Inverness Management and its platform company Payment Alliance International receive the silver medal for payment company acquisitions, making 4 investments in the same time frame.