Draper-based Convenient Brands Inc., a platform of business technology companies that provide shop management software to auto repair businesses, as well as integrated payment processing services to merchants in a range of industries, has sold Dealer Pay LLC, one of its portfolio companies.
The buyer is Vehlo Holdings, a provider of software and financial solutions for the auto repair industry, based in Knoxville, Tennessee, and with an office in Logan.
Dealer Pay is an integrated payment processing and point-of-sale software solution for automobile dealerships that has seen significant growth in recent years due to its versatile payment options, reporting capabilities and customer service, said Vehlo.
Convenient brands is a portfolio company of The Beekman Group, a private equity firm based in New York City, focused on the health care, consumer and business services sectors. Vehlo is owned by Greater Sum Ventures, a family investment firm in Knoxville.
“We congratulate Julie Douglas and the Dealer Pay team for developing such a strong payment processing solution for dealerships and for generating such strong growth. We wish them the best and are sure that Dealer Pay’s best years still lie ahead,” said Casey Leloux, CEO of Convenient Brands, and James Clippard, chairman of the firm, in a joint statement.
Convenient Brands’ other companies are Mainstreet Computers, ROME Technologies, ImEX Systems, Web-Est and Intellipay.