William Blair acted as financial advisor to Fortis Payment Systems (Fortis) in connection with its recapitalization by existing investor Lovell Minnick Partners (Lovell Minnick) and new investor Audax Group (Audax). The transaction closed on March 11, 2025.
About the Companies
Fortis is the leader in embedded payments for software providers, processing billions of dollars annually by delivering comprehensive payment solutions and commerce enablement to software partners and developers. The company’s mission is to forge a holistic commerce experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves commerce closer to invisible with a proprietary platform that supports and strengthens the commerce and payments capabilities of software partners. For more information, visit fortispay.com.
Lovell Minnick is a private equity firm with a 25-year track record of partnering with growth-oriented companies. Lovell Minnick leverages deep sector experience and a broad network of strategic advisors to help founders scale their companies at an accelerated pace. The firm collaborates with management teams seeking to achieve long-term success and value creation through organic growth and strategic acquisitions. Since inception in 1999, Lovell Minnick has raised over $5 billion of committed capital, invested in more than 50 unique platform companies, and completed over 200 add-on acquisitions. Lovell Minnick targets growth-oriented, middle-market companies with a particular focus on companies in the financial services, business services and financial technology sectors. For more information, please visit www.lmpartners.com.
Based in Boston, with offices in San Francisco, New York, and London, Audax manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With roughly $19 billion of assets under management as of June 2024, over 280 employees, and 100-plus investment professionals, Audax has invested in more than 170 platforms and 1,350 add-on acquisitions since its founding in 1999. Through its disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.
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