Growth-oriented technology private equity firm Ridgeview Partners, in partnership with The Baupost Group, announced it has agreed to make a significant strategic growth investment in PayRange, a leading provider of IOT software and payment solutions for unattended retail. Founder and CEO Paresh Patel will continue to lead the company and retain a significant ownership position.
PayRange offers operators and consumers a best-in-class software platform that enables secure electronic payments in unattended retail. The company’s end-to-end hardware and software provide real-time visibility into operator footprints, which are often comprised of disparate and unconnected machines. PayRange’s patented and easy-to-use technology drives improved sales, reduced costs, better operational analytics, and a seamless commerce experience.
PayRange marks Ridgeview Partners’ first investment since the firm’s founding earlier this year. Mike Hulslander has nearly 15 years of technology private equity experience, while Hilton Romanski has nearly 30 years of experience across operations, corporate investing, and private equity. Collectively, the two have executed over 85 transactions worth nearly $50 billion.
The debt financing is being provided by Bain Capital’s Private Credit Group. Sidley Austin is serving as legal advisor to Ridgeview. Wilson, Sonsini, Goodrich & Rosati is serving as legal advisor to PayRange. Ernst & Young Capital Advisors is serving as financial advisor to PayRange.
KEY QUOTES:
“We’ve grown PayRange into a leader in unattended retail with an end-to-end suite of products used by over 10,000 customers and are excited to accelerate our strong momentum with capital, operational, and strategic support from Ridgeview Partners. Ridgeview’s investment is a testament to what we’ve built and will enable us to drive continued innovation to better serve our customers as we enter this new phase of growth.”
- Paresh Patel, Founder and CEO of PayRange
“We are thrilled to partner with Paresh and his team on their mission to connect millions of machines around the world. PayRange easily and affordably equips unattended retail machines at scale, providing consumers with the electronic payments optionality they expect while giving operators invaluable data and insight into customers and business operations.”
- Mike Hulslander, Co-Founder of Ridgeview
“Paresh and the PayRange team are proven innovators that have built a leading platform with unique technology that is well-positioned to expand into new and attractive markets. We look forward to partnering with the team to realize PayRange’s full potential.”
- Hilton Romanski, Co-Founder of Ridgeview
