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Audax Strategic Capital Supports LMP’s Strategic Investment in Fortis
Audax Strategic Capital (ASC) supports cross-fund transaction as existing investor Lovell Minnick Partners (LMP) seeks to extend growth runway
NEW YORK, NY & PLANO, TX – March 27, 2025 – Audax Strategic Capital (“ASC” or “Audax”), a provider of customized, mid-hold equity solutions, announced today an investment in Fortis (“the company”), a payments technology leader for software providers, ERP customers, and scaling businesses. ASC’s mid-hold equity investment supported a cross-fund transaction that enabled existing Fortis investor Lovell Minnick Partners (“LMP”) to make a new strategic investment in the company. Terms of the ASC transaction, which closed on March 11, 2025, were not disclosed.
Founded in 2010 and based in Plano, Texas, Fortis has distinguished itself in embedded payments, delivering payment-enablement solutions to software partners, developers, and their businesses. Through its proprietary and integrated platform, Fortis bolsters the software capabilities of its clients via secure, end-to-end payment solutions with the aim of facilitating a reliable and seamless omnichannel payment experience for businesses, processing billions of dollars in payments annually.
LMP made its initial investment in Fortis in 2019, and since then, the company has enhanced its management team and expanded across the B2B enterprise and software ecosystem, providing tailored payment solutions that can drive efficiency and improved customer and business experiences. Since LMP’s initial investment, Fortis has completed over 10 acquisitions that have collectively enhanced the company’s integration capabilities and expanded its vertical specialization.
“This investment is right in ASC’s ‘sweet spot,’” noted Kumber Husain, Managing Director at Audax Strategic Capital. “We’re supporting a long-tenured and experienced sponsor, and the flexibility of our capital solution helps align interests while providing additional support for potential future growth and value creation. The ability to move quickly allowed us to back what we consider is an innovator at the forefront of next-generation payments technology.”
“We’re excited to continue our involvement with Fortis and partner with ASC on this new investment,” added Trevor Rich, Partner at LMP. “With the resources and collaboration of the entire investor group, and value-added capital solutions that ASC brings to the table, we believe the pieces are in place for Fortis to advance on its next stage of growth.”
“This transaction, for ASC, provides a great example of the flexibility that the strategy can deliver to sponsors as well as the type of performing and growing companies that the ASC strategy seeks to support,” added Don Bramley, Partner at Audax Private Equity who helps to oversee the ASC strategy. “Under LMP and CEO Greg Cohen, we think Fortis has positioned itself as a change agent and integral link within the larger payments value chain. We’re looking forward to working with LMP to help realize the management team’s vision for the business and the future of the digital payments landscape.”
ABOUT AUDAX PRIVATE EQUITY
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity 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 approximately $19 billion of assets under management as of September 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 our 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.
ABOUT LMP:
Lovell Minnick Partners is a private equity firm with a 25-year track record of partnering with growth-oriented companies. LMP 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, LMP has raised over $5 billion of committed capital, invested in more than 50 unique platform companies and completed over 200 add-on acquisitions. LMP 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.
ABOUT FORTIS
Fortis is a 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 a 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.
