H.I.G. Growth Partners Completes Strategic Investment in Fidelity Payment Services
BOSTON – August 17, 2017 – H.I.G. Growth Partners (“H.I.G.”), the dedicated growth capital investment affiliate of H.I.G. Capital, announced that it has completed a strategic investment in Fidelity Payment Services (“Fidelity”), a leading provider of tech-enabled payment processing solutions to small- and medium-sized businesses (“SMBs”) across the U.S. and Canada.
Headquartered in Brooklyn, NY, Fidelity operates as a regionally-focused merchant service provider (“MSP”). Fidelity’s industry leading technology solution – an Omni-Channel Payment Gateway – integrates with merchants’ POS and ERP systems and enables them to securely accept electronic payments through multiple channels and platforms, including card-present EMV, e-commerce and mobile. Fidelity utilizes a tailored, merchant-centric approach that provides customers with industry-leading support and service while Fidelity’s technology and interchange optimization expertise enables more consistent, and in most cases lower, overall processing costs.
In conjunction with the investment, David Ilowitz has been promoted to Chief Executive Officer. Founder Benjamin Weiser will continue to remain closely involved with the Company as Vice Chairman of the Board of Directors.
Founder Benjamin Weiser said, “We are very excited about this partnership with H.I.G. and the shared vision we have for the next stage of Fidelity’s growth. H.I.G.’s investment will provide us the capital and strategic resources necessary to continue expanding our product offerings, enhance our feature set and further elevate the customer experience.”
Steve Loose, a Managing Director with H.I.G. Growth Partners, commented, “We are delighted to partner with Fidelity to continue the Company’s strong, profitable growth trajectory and introduce new capabilities that will further benefit Fidelity’s merchant base.”
About Fidelity Payment Services
Fidelity is one of the most trusted names in payment processing and a market leader in EMV compliant payment solutions. A key partner of First Data and Elavon, Fidelity processes billions of dollars in transactions annually. Fidelity prides itself on its world-class customer service, security, and unmatched interchange expertise, which consistently result in the highest levels of merchant satisfaction. Additionally, through its robust gateway solution, Fidelity focuses on bringing innovative technology to market and providing industry-leading integrated payment and EMV solutions.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with $22 billion of equity capital under management.* We seek to make both majority and minority investments in strong, growth oriented businesses located throughout North America, South America and Europe. We will invest $5 million to $30 million in equity in a given company and target investments in profitable growth oriented businesses with between $10 million and $100 million in revenues. We consider investments across all industries, but focus on certain high-growth sectors where H.I.G. has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth Partners strives to work closely with our management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.