Morgan Securities LLC served as exclusive financial advisor to CardWorks and Wachtell, Lipton, Rosen & Katz served as legal counsel to CardWorks.įounded in 1987, CardWorks provides servicing operations and portfolio management to bank and non-bank consumer and small business lenders through CardWorks Servicing, LLC and Carson Smithfield, LLC. They are a best in class operation across their business lines.” said Peter Aberg, Co-Founder and Partner at Reverence Capital Partners.
“We are excited to partner with the CardWorks team who I have known and worked with for 20 years. We have been seeking to back a consumer lending platform with an exceptional management team, and are excited to have achieved that goal.” said Zach Sadek, Partner at Parthenon Capital Partners. “Both Merrick Bank and CardWorks Servicing have been industry leaders for decades. CardWorks has substantial capital, operational scale, and decades of experience operating as a team, which will allow for continued growth of its lending businesses and expansion of its servicing client base. With operations in New York, Utah, Pennsylvania and Florida, CardWorks now employs over 1,300 associates, with all operations housed internally. We look forward to an exciting future with our new shareholders, who will each be a value-added strategic partner as we continue to grow our business.” “Founded 30 years ago and built on the principle of doing the right thing by our employees, customers and clients, CardWorks has leveraged a combination of human capital, culture, technology, and analytics to build a tremendous franchise.
“CardWorks has always been a people-based business,” said Don Berman. Don Berman, Founder and CEO of CardWorks, will maintain his majority control of the company.ĬardWorks, with over $3.5 billion in assets, is a leading consumer lender, merchant acquiring bank, and loan servicer to regulated financial institutions and non-bank lenders. (PIMCO), Parthenon Capital Partners, and Reverence Capital Partners each acquired less than 10% of the company in separate transactions. Affiliates of Pacific Investment Management Co. WOODBURY, NY – CardWorks is proud to announce that its parent company has welcomed three non-controlling minority shareholders. CardWorks Closes Transactions with Three Financial Services Investment Firms
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