Barings Supports Parthenon Capital Partners’ Recapitalization of BillingTree

CHARLOTTE, N.C., Oct. 26, 2016 -- Barings, one of the world’s leading asset management firms with $284 billion in assets under management, announced today that it served as sole lead arranger and administrative agent, and provided a second-lien credit facility to support Parthenon Capital Partners in its majority recapitalization of BillingTree.

The transaction is among the first for the former North American Private Finance Group of Babson Capital Management since Babson consolidated its operations with the former Baring Asset Management LLC in September and rebranded the new firm under the Barings name. In addition to its global private finance capabilities, Barings now offers clients access to opportunities in global fixed income and international equities, along with the global real estate investment and alternatives expertise of former Babson subsidiaries Cornerstone Real Estate Advisers and Wood Creek Capital Management.

Founded in 2003 and headquartered in Phoenix, Ariz., BillingTree is a leading provider of technology-enabled integrated payments solutions to the healthcare, accounts receivables management and financial services industries.

“Parthenon Capital Partners is delighted to partner with Barings’ middle-market lending group on the recapitalization of BillingTree,” said Parthenon partner Zach Sadek. “We particularly appreciated Barings’ knowledge of the payment processing sector, which allowed them to provide strong support of our diligence effort, as well as their responsiveness, flexibility and ability to structure the financing package appropriately.”

“Barings is dedicated to being a long-term partner in meeting the evolving capital needs of our clients, and we appreciate the opportunity to work with Parthenon Capital Partners on its  investment in BillingTree,” said Brian C. Baldwin, Managing Director in Barings’ North American

Private Finance Group. “We are excited about BillingTree’s growth potential as the firm leverages Parthenon’s expertise in healthcare and financial services, and continues to promote key differentiators, including its compliance suite and proprietary web-based payment platform.”

About BillingTree

BillingTree® (mybillingtree.com) is the leading provider of integrated payments solutions to the healthcare, ARM and financial services industry verticals. Through its technology-enabled suite of products and services, BillingTree enables organizations to increase efficiency and decrease the costs of payment processing while adhering to compliance regulations. Leveraging more than a decade of market experience, BillingTree is dedicated to growing payments with technology through an integrated omni-channel offering, suite of proprietary products and value-added services, and a Company-wide focus on delivering extraordinary customer service.

About Parthenon Capital Partners

Parthenon Capital Partners (www.parthenoncapitalpartners.com) is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare technology and services, and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon's investment team has deep experience in corporate strategy, human capital, capital markets, and operations, thereby enabling the firm to pursue complex, multi-faceted value creation opportunities.

About Barings LLC

Barings is a $284 billion* global asset management firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 1,700 employees and 600 investment professionals across 41 offices in 17 countries. Learn more at www.barings.com.

*As of September 30, 2016

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Contact:  
Brian Whelan, Barings, 704.805.7244, [email protected]
David Coburn, Luquire George Andrews, 704.552.6565, [email protected]