M&A Deal Summary

Sixth Street Partners, Bayview Asset Management and CardWorks Acquire GreenSky

On October 11, 2023, asset manager Sixth Street Partners, Bayview Asset Management and CardWorks acquired information technology company GreenSky from The Goldman Sachs Group

Acquisition Highlights
  • This is Sixth Street Partners’ 5th, Bayview Asset Management’s 1st and CardWorks’ 1st transaction in the Information Technology sector.
  • This is Sixth Street Partners’ 21st, Bayview Asset Management’s 2nd and CardWorks’ 2nd transaction in the United States.
  • This is Sixth Street Partners’ 1st, Bayview Asset Management’s 1st and CardWorks’ 1st transaction in Georgia.

M&A Deal Summary
Date 2023-10-11
Target GreenSky
Sector Information Technology
Buyer(s) Sixth Street Partners
Bayview Asset Management
CardWorks
Sellers(s) The Goldman Sachs Group
Deal Type Divestiture

Target

GreenSky

Atlanta, Georgia, United States
GreenSky is a technology company powering commerce at the point of sale for a growing ecosystem of merchants, consumers, and banks. The company's highly scalable, proprietary, and patented technology platform enables merchants to offer frictionless promotional payment options to consumers, driving increased sales volume and accelerated cash flow. Banks leverage GreenSky’s technology to provide loans to super-prime and prime consumers nationwide. GreenSky was formed in 2006 and is based in Atlanta, Georgia.

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Buyer(S) 3

Buyer

Sixth Street Partners

Category Asset Manager
Founded 2009
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sixth Street is a global alternative asset manager and lender that offers a wide range of capital solutions to small, medium, and large companies. The Firm maintains a variety of investment vehicles focused on growth companies, infrastructure, insurance, agriculture as well as other strategies. Sixth Street was established in 2009 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 23 of 26
Sector (Information Technology) 5 of 5
Type (Divestiture) 3 of 3
State (Georgia) 1 of 1
Country (United States) 21 of 23
Year (2023) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-09 Avid

Burlington, Massachusetts, United States

Avid is a provider of audio and video technology for media organizations and independent professionals. Company customers use Avid solutions to create, distribute, and monetize the most prestigious and award-winning films, videos, music recordings, TV shows, live concerts, and news broadcasts. Avid was founded in 1987 and is based in Burlington, Massachusetts.

Buy $1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-07 Far West Services

Costa Mesa, California, United States

Far West Services operates over 100 restaurant locations across California, Nevada, Washington, Colorado, and Utah. Far West Services was founded in 2003 and is based in Costa Mesa, California.

Buy -
Buyer

Bayview Asset Management

Coral Gables, Florida, United States
Category Company
Founded 1993
Sector Financial Services
DESCRIPTION

Bayview Asset Management is specialized in under-served areas of the real estate markets. Bayview provides a range of products and services, including residential and commercial special servicing and managing investment funds focused on residential and commercial assets. Bayview Asset Management was founded in 1993 and is based in Coral Gables, Florida.

DEAL STATS #
Overall 2 of 2
Sector (Information Technology) 1 of 1
Type (Divestiture) 1 of 1
State (Georgia) 1 of 1
Country (United States) 2 of 2
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-11 HomeVestors

Dallas, Texas, United States

HomeVestors is a real estate investment franchisor in the United States, providing services and education to franchisees seeking to operate their own, independent, residential real estate investment business. HomeVestors was founded in 1989 and is based in Dallas, Texas.

Buy -
Buyer

CardWorks

Woodbury, New York, United States
Category Company
Founded 1987
Sector Financial Services
DESCRIPTION

CardWorks is a consumer finance lender and servicer, and a people-centric, compliance-focused organization enabled by data and technology. CardWorks was founded in 1987 and is based in Woodbury, New York.

DEAL STATS #
Overall 2 of 2
Sector (Information Technology) 1 of 1
Type (Divestiture) 1 of 1
State (Georgia) 1 of 1
Country (United States) 2 of 2
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-03 Dataline Systems

Apopka, Florida, United States

Dataline Systems is a privately-held provider of business process outsourcing and financial services operations support. Dataline Systems was founded in 1986 and is based in Apopka, Florida.

Buy -

Seller(S) 1

SELLER

The Goldman Sachs Group

New York, New York, United States
Category Company
Founded 1869
Sector Financial Services
Employees44,400
Revenue 46.3B USD (2023)
DESCRIPTION

The Goldman Sachs Group is an investment banking, securities and investment management firm. The Firm offers a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. The Goldman Sachs Group was founded in 1869 and is based in New York, New York.

DEAL STATS #
Overall 7 of 7
Sector (Information Technology) 1 of 1
Type (Divestiture) 5 of 5
State (Georgia) 1 of 1
Country (United States) 6 of 6
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-28 Goldman Sachs Personal Financial Management

Newport Beach, California, United States

Goldman Sachs Personal Financial Management is a registered investment adviser that provides wealth management services throughout the U.S. Goldman Sachs Personal Financial Management was formed in 2005 and is based in Newport Beach, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-20 Divcon Controls

Dallas, Texas, United States

Divcon Controls provides building management and electrical power monitoring systems to mission-critical facilities, enabling the customer to control, automate & monitor energy and power functions. Divcon Controls was founded in 2017 and is based in Dallas, Texas.

Buy -
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