Audax Strategic Capital (ASC) supports cross-fund transaction as existing investor Lovell Minnick Partners (LMP) seeks to extend growth runway
Audax Strategic Capital , a provider of customized, mid-hold equity solutions, announced an investment in Fortis , 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.
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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.
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“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.”
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Source – businesswire
