This week CardLinx member Rewards Network, a provider of marketing, loyalty services, dining rewards programs and financing to the restaurant industry, was acquired in its entirety by TowerBrook Capital Partners L.P., the New York and London-based investment management firm, from Equity Group Investments (“EGI”). The transaction is complete and financial terms were not disclosed.
Dan Kazan said to CardLinx in an email:
The acquisition is an endorsement of the positive changes and the tremendous financial performance and growth we’ve achieved over the past several years. It also demonstrates the value that others see in our core businesses, our unique set of assets and the card-linking space. Importantly, TowerBrook also sees a wealth of opportunities to continue that growth and expand significantly.
Dan will become President, Edmond (“Ed”) Eger has been appointed CEO and Steven Freiberg has been named Chairman.
Click here for more information about Rewards Network.
TowerBrook’s investment in Rewards Network is the result of a concerted search to invest in tech-enabled service providers to the rewards and loyalty sector. More and more investors are realizing the continued growth potential and strong value proposition for companies engaged in online-to-offline commerce, sophisticated loyalty programs and card-linking technologies.