Newtek Capital, Inc., a specialist in acquiring, developing and operating early stage high growth businesses, announced a major investment in Universal Processing Services, a full service integrator of electronic processing systems and solutions.
The $3.6 million investment was made through Newtek’s New York-based certified capital company. UPS offers credit card processing, debit and check card processing, smart card acceptance, customized gift card programs, electronic benefits transfers, check guarantee and conversion and automated teller machines. Ken Baldo, President of UPS, stated: “We make it our business to consult with every merchant to understand their needs and to demonstrate how our services can support their daily business critical operational requirements. As our industry changes, technology advances and competition increases, UPS and our processing specialists remain committed to offering the highest caliber of personalized services utilizing our state-of-the-art True Price Processing system.” Universal, headquartered in New York City, recently signed a contract to acquire a portfolio of high-end retail and restaurant accounts and expects to close in June. The funding by Newtek is expected to support the expansion of Universal’s marketing programs, corporate infrastructure and the hiring of key employees. Newtek received a 60% ownership interest along with 3 of 5 board seats for its investment.
About Newtek Capital
Newtek Capital, Inc. (www.newtekcapital.com) creates significant non-dilutive capital through the operation of seven CAPCOs in four states. Since 1998, Newtek has raised more than $119 million of certified capital and has made investments in 25 companies, 11 majority-owned or primarily controlled partner companies and investments in 14 other businesses. It operates as a holding company for a network of partner companies in a collaborative and coordinated effort to develop successful businesses in a number of emerging and technological areas.