(Bloomberg) -- Ridgeview Partners will buy mobile-payment software company PayRange, a startup with backers including actor Jared Leto, in its first deal since being founded earlier this year.
The San Francisco-based private equity firm will take a majority stake in PayRange in partnership with Baupost Group, according to a statement. Terms of the deal weren’t disclosed.
Ridgeview was launched by former Siris Capital Group LLC partners Hilton Romanski and Mike Hulslander. The firm targets investments in companies worth $200 million to $1 billion, including debt, Romanski said in an interview. Ridgeview is targeting its first fundraise in 2025.
Led by its founder and Chief Executive Officer Paresh Patel, PayRange provides automated payment technology that connects hardware, such as laundromats and vending machines, to cell phones. Patel said in the statement that PayRange’s products were used by more than 8,000 customers.
Early backers include Academy Award winner Leto, as well as some executives from PayPal Holdings Inc., the company disclosed in 2014.
Bain Capital’s private credit group will provide debt financing. Sidley Austin LLP is serving as legal adviser to Ridgeview. Wilson, Sonsini, Goodrich & Rosati is legal adviser to PayRange.
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