Audax Said to Near Deal for Stake in Lovell Minnick’s Fortis

Audax Group is in advanced talks to buy a stake in Fortis Payment Systems from fellow private equity firm Lovell Minnick Partners in a deal that values the payments company at about $850 million, according to people familiar with the matter.

The roughly 50% stake in US-based Fortis would make Audax an equal partner with Lovell Minnick, said the people, who asked not to be identified because the discussions are private. As part of a transaction, Lovell Minnick would roll its ownership stake over from its fifth fund to its sixth fund, Lovell Minnick Equity Partners VI, the people said. ...