Festival Transaction Services, Inc. has announced that it has accepted an USD8.5m investment led by Reverence Capital Partners, a New York-based investment firm.
“FTS has developed a comprehensive set of financial services for fairs and festivals that help reduce event operating expenses and generate new sources of revenue,” said Milton Berlinski, Managing Partner at Reverence Capital Partners (“RCP”) and former Senior Partner and Vice Chairman at Goldman Sachs. “The event industry is large, fragmented and underserved; and we are excited about the potential of FTS to deliver value to its customers and shareholders.”
Some service providers are offering closed-loop solutions that expose events to expensive and legally complicated issues; FTS is leveraging the regulated U.S. financial services, eliminating these issues and expense for events.
“We are honoured to have attracted such exceptional investors to FTS. This financing represents the last key ingredient in achieving our mission to strengthen events and help them build lasting connections with their attendees,” said Charles Brown, FTS CEO. “It also positions FTS to deliver sustainable growth for its shareholders.”
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