Divestiture • Business Services

H.I.G. Private Equity Acquires Onyx CenterSource

On April 24, 2013, private equity firm H.I.G. Private Equity acquired business services company Onyx CenterSource from Pegasus

Acquisition Context
  • This is H.I.G. Private Equity’s 18th transaction in the Business Services sector.
  • This is H.I.G. Private Equity’s 106th transaction in the United States.
  • This is H.I.G. Private Equity’s 12th transaction in Texas.

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M&A Deal Summary

Date April 24, 2013
Target Onyx CenterSource
Sector Business Services
Buyer(s) H.I.G. Private Equity
Sellers(s) Pegasus
Deal Type Divestiture

Target Company

Onyx CenterSource

Dallas, Texas, United States
Onyx CenterSource is a processor of commissions paid by hotels to travel agencies. Onyx CenterSource operates a global payment network and provides its hotel and travel agency customers with services including commission receipt and disbursement, foreign currency exchange, and reconciliation and tracking. Onyx CenterSource was founded in 1992 and is based in Dallas, Texas.
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Buyer Overview 1

Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital. The Firm focuses on management buyouts, growth equity investments, and recapitalizations of mid-sized to large companies valued between $50 million and $1 billion. HIG will also consider industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 is based in Miami, Florida.


Deal Context for Buyer #
Overall 137 of 385
Sector: Business Services 18 of 45
Type: Divestiture 17 of 48
State: Texas 12 of 33
Country: United States 106 of 251
Year: 2013 4 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-16 Petrochem Carless Holdings

Leatherhead, United Kingdom

Petrochem Carless Holdings Ltd. operates as a chemical manufacturing company.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-15 Freedom Finance

Simonsway, United Kingdom

Freedom Finance Ltd. is an unsecured consumer loan broker with operations in Sweden, Norway, and Finland. The company markets, processes, and distributes loan applications for all unsecured borrowing uses such as loan refinancing, vehicle purchase, holiday financing, and home refurbishments.

Buy -

Seller Profile 1

SELLER

Pegasus

Dallas, Texas, United States

Category Company
Sector Information Technology
DESCRIPTION

Pegasus is a provider of revenue and distribution solutions for the hospitality industry. Pegasus provides technology and services to hotels and travel distributors. Pegasus is based in Dallas, Texas.


Deal Context for Seller #
Overall 1 of 1
Sector: Business Services 1 of 1
Type: Divestiture 1 of 1
State: Texas 1 of 1
Country: United States 1 of 1
Year: 2013 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-04-03 REZsolutions

Dallas, Texas, United States

REZsolutions Inc., the worldwide leader in technology and marketing solutions for the hospitality industry, announced the release of the 1999 Marketing Planning Guide, an updated and expanded products and services guide.

Buy -