Pegasus Electronic Distribution Services has been bought by private equity firm H.I.G Capital with financial terms of the deal undisclosed.
PEDs, often referred to as the switch side of the business, provides connectivity and distribution services to the accommodation sector.
According to a statement, the company has undergone a 'recapitalization' led by an affiliate of H.I.G, which will allow it to invest in technology solutions and carry on its growth strategy.
Toni Portmann has been brought in as executive chair of the board and interim chief executive until such time as the remainder of the 'go forward' management team is in place. Portmann has a technology background and has worked with H.I.G in the past.
Last year 2013, H.I.G acquired Pegasus Financial Services, now known as Onyx Payment Solutions.
News of the PEDs sale comes weeks after the Pegasus reservations business was acquired by another private equity firm, Regent Equity Partners.
At the end of 2005, affiliates of Prides Capital Partners agreed to buy Pegasus in a deal valued at around $275 million. The acquisition was completed in May 2006 at which time Pegasus ceased trading on the Nasdaq.
NB: Connectivity image via Shutterstock.