M&A Deal Summary

Theatre Capital and LoneTree Capital Acquire AllPaid

On October 1, 2025, private equity firms Theatre Capital and LoneTree Capital acquired financial services company AllPaid from LoneTree Capital

Acquisition Highlights
  • This is Theatre Capital’s 1st and LoneTree Capital’s 2nd transaction in the Financial Services sector.
  • This is Theatre Capital’s 6th and LoneTree Capital’s 10th transaction in the United States.
  • This is Theatre Capital’s 1st and LoneTree Capital’s 2nd transaction in Indiana.

M&A Deal Summary

Date 2025-10-01
Target AllPaid
Sector Financial Services
Buyer(s) Theatre Capital
LoneTree Capital
Sellers(s) LoneTree Capital
Deal Type Secondary Buyout

Target

AllPaid

Indianapolis, Indiana, United States
AllPaid is a secure, single-source payments platform for local government agencies and municipalities serving thousands of government customers in the United States. AllPaid was founded in 1997 and is based in Indianapolis, Indiana.

Search 214,107 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try Free

Buyer(S) 2

DESCRIPTION

Theatre Capital is a private investment and holding firm focused on growth investments in technology companies. The Firm seeks recurring revenue companies with $2 to $30 million of revenue and where it can commit $3 to $25 million of equity capital. Areas of interest include software, digital infrastructure, technology services, and fintech. Investment situations include divestitures, special situations, and recapitalizations. Theatre Capital is based in New York, New York.


DEAL STATS #
Overall 7 of 7
Sector: Financial Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
State: Indiana M&A 1 of 1
Country: United States M&A 6 of 6
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-25 Association Analytics

Arlington, Virginia, United States

Association Analytics provides data and analytics software for trade and professional associations, helping them leverage insights for growth and engagement. Its solutions, including the Acumen platform, enable faster implementation and improved decision-making for member-based organizations. Association Analytics was founded in 1999 and is based in Arlington, Virginia.

Buy -
DESCRIPTION

LoneTree is a growth-focused private capital firm that provides operational and M&A support alongside flexible capital to accelerate revenue growth. The Firm looks to commit $10 to $75 million in business generating $5 to $30 million in revenue. LoneTree Capital's areas of interest include software, digital infrastructure, healthcare IT services, business, and consumer services, and financial technology/specialty finance. LoneTree Capital was founded in 2021 and is based in New York City.


DEAL STATS #
Overall 10 of 10
Sector: Financial Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 1 of 1
State: Indiana M&A 2 of 2
Country: United States M&A 10 of 10
Year: 2025 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-04 Arkatechture

Portland, Maine, United States

Arkatechture is a provider of end-to-end data and analytics software to credit unions and community banks. Arkatechture was founded in 2012 and is based in Portland, Maine.

Buy -

Seller(S) 1

DESCRIPTION

LoneTree is a growth-focused private capital firm that provides operational and M&A support alongside flexible capital to accelerate revenue growth. The Firm looks to commit $10 to $75 million in business generating $5 to $30 million in revenue. LoneTree Capital's areas of interest include software, digital infrastructure, healthcare IT services, business, and consumer services, and financial technology/specialty finance. LoneTree Capital was founded in 2021 and is based in New York City.


DEAL STATS #
Overall 2 of 2
Sector: Financial Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
State: Indiana M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-04 Arkatechture

Portland, Maine, United States

Arkatechture is a provider of end-to-end data and analytics software to credit unions and community banks. Arkatechture was founded in 2012 and is based in Portland, Maine.

Buy -