Parthenon Capital Affiliate Strikes Cooperation Deal with Repay, Adds Director to Board
RPAY sits 78% above its 52-week low of $2.3 on light trading volume (0.3× avg).
Summary
Parthenon Capital affiliate BT Parent GP struck a cooperation agreement with Repay Holdings, expanding the board and appointing Zach F. Sadek as a director. The move adds a shareholder-aligned voice to the board amid ongoing activist battles.
Key Events · Executive and Board Changes · RPAY
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Cooperation Agreement with Parthenon Affiliate
On July 13, 2026, BT Parent GP and Beckham Aggregator, which together hold 9.38% of Repay, entered a cooperation agreement with the company.
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Board Expansion and Director Appointment
The board was expanded from six to seven members, and Zach F. Sadek, a Parthenon partner, was appointed to fill the new seat, with a term expiring at the 2027 annual meeting.
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Standstill Provisions
The agreement includes customary standstill restrictions and confidentiality obligations, effective until 30 days after Sadek's departure or the conclusion of the 2027 annual meeting.
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Activist Proxy Battle Context
The cooperation agreement arrives as activists Forager Fund and Veradace Capital have been pushing for board changes and a sale of the company, with Forager recently raising its buyout offer to $5.25 per share.
Analysis · RPAY · Trade & Services
On July 13, 2026, BT Parent GP and Beckham Aggregator—affiliates of Parthenon Capital—entered a cooperation agreement with Repay Holdings. The board was expanded from six to seven members, and Zach F. Sadek, a Parthenon partner, was appointed to fill the new seat. This move comes amid a heated proxy battle with activists Forager Fund and Veradace Capital, who have been pushing for board changes and a sale. By adding a director aligned with a major shareholder, Repay may be seeking to shore up support ahead of its annual meeting, potentially blunting activist pressure. The agreement includes standstill provisions, limiting further activism from Parthenon through at least the 2027 annual meeting.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.2% of the 1644 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, RPAY was trading at $4.09 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $360.3M. The 52-week trading range was $2.30 to $6.06. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.