2 January 2014
Seattle, WA-based Festival Transaction Services, Inc. said it has signed a definitive term sheet to accept an USD8.5m investment led by Reverence Capital Partners, a New York-based investment firm.
In connection with the closing, which took place on December 31, 2013, two partners of RCP have been nominated to the FTS board: Peter Aberg and Alex Chulack. Aberg recently retired as a Managing director at Goldman Sachs after 28 years, where he specialized in the consumer financial services industry. Alex Chulack also worked for Goldman Sachs before becoming a Managing director focusing on financial services investments at General Atlantic LLC.
FTS offers transaction services to the fair and festival industry including card processing, cashless event services and integrated promotion through FTS´s innovative prepaid Card-as-Ticket offering. FTS also operates Festivals.com, the largest Internet resource for information on community festivals, fairs and events, with more than 40,000 events in 80-plus countries classified by Arts, Children, Culture, Motorsports, Music and Sports.