Lovell Minnick Partners completed a significant growth investment in Fortis Payment Systems, a payments and merchant services provider. Financial terms of the deal were not disclosed. Lovell Minnick’s Trevor Rich and Greg Cohen will be joining the Fortis Board of Directors.
Lovell Minnick Partners, a private equity firm focused on investments in the global financial services industry, including related technology and business services companies, today announced that it has completed a significant growth investment in Fortis Payment Systems, LLC (“Fortis” or the “Company”), a payments technology and merchant services provider. Financial terms of the private transaction were not disclosed.
Headquartered in Novi, Michigan, Fortis provides payment technology and processing capabilities to developers and businesses throughout North America. The Company’s proprietary payments platform, Zeamster, creates integrated commerce experiences for software and ERP providers as they transform the way businesses interact with their customers.
“Fortis has developed a highly configurable, powerful payments platform with industry-leading technical and security capabilities, supported by superior high touch service,” said Trevor Rich, Partner at Lovell Minnick Partners. “We look forward to supporting CEO Jimmy Nafso and his highly talented team to identify new solutions and channel partners.”
Since its founding in 2010, the Company has been a market leader in developing vertical specific solutions and integrating with point of sale software and ERP providers in numerous end markets. Fortis supports hundreds of developers, software providers, and channel partners and provides services to merchants throughout North America.
“We’re excited to leverage Lovell Minnick’s strong track record of scaling technology-businesses. With Lovell Minnick’s support we will be able to accelerate Fortis’ expansion into additional markets and continue innovating best-in-class payments solutions that meet the evolving needs of our customers,” said Nafso. “With Lovell Minnick as our new partner, our clients should remain assured that we will continue to provide ‘white glove’ customer service and innovative technology, which have been core to our value proposition since inception.”
“Jimmy and his leadership team have an excellent reputation in the payments industry. Their customer-centric approach is truly unique and the Zeamster micro-services platform is cutting edge with features to support a wide variety of businesses,” said Greg Cohen, an Operating Partner at Lovell Minnick and former president of the Electronic Transactions Association.
Lovell Minnick’s Trevor Rich and Greg Cohen will be joining the Fortis Board of Directors.
Sidley Austin LLP served as legal advisor and the Strawhecker Group served as payments advisor to Lovell Minnick. Butzel Long was counsel to Fortis.
About Lovell Minnick Partners
Lovell Minnick Partners is a private equity firm focused on investments in the global financial services industry, including related technology and business services companies. Since its inception in 1999, Lovell Minnick Partners has become a leader in its chosen space, raising $3.3 billion of committed capital from leading institutional investors, including public and private pensions, insurance companies, endowments and foundations. To date, the firm has completed more than 50 portfolio company investments and 80 add-on acquisitions. For more information, please visit www.lmpartners.com.
About Fortis Payments Systems
Fortis Payments (Fortis) provides payments technology and merchant solutions to businesses and software developers across North America. Fortis has a focus on technology enabled solutions through a White Glove service approach and a mission to help small and mid-sized businesses scale through innovation. Fortis’ Zeamster platform provides state-of-the-art connectivity solutions for hundreds of software developers and channel partners. Fortis provides payments and financial technology solutions to thousands of businesses processing billions of dollars annually. For more information, please visit https://www.fortispayments.com/.