PHILADELPHIA, PA & LOS ANGELES, CA & NEW YORK, NY — Merchant Industry, LLC announced that funds managed by Lovell Minnick Partners (LMP), a private equity firm focused on financial services, business services, and financial technology investments, have acquired a majority stake in the company. The founders of Merchant Industry will retain a substantial minority equity interest, while a new leadership team, led by incoming Chief Executive Officer Vaden Landers, will guide the company following the closing of the transaction.
Founded in 2007, with offices in Plantation, Florida, and Long Island City, New York, Merchant Industry is a leading provider of payment acceptance solutions to small and mid-sized businesses across the United States. The company serves more than 15,000 merchants and maintains a network of nearly 500 channel partners. Its platform provides a suite of tools and services designed to support payment processing at the point of sale, both in person and online.
“LMP is the right partner for us as we enter this transformational phase where the business matures and scales beyond its current capabilities,” said Merchant Industry Co-Founder Leo Vartanov. “LMP possesses extensive institutional knowledge, an impeccable reputation, and a 25-year history of achieving results across the businesses they have invested in. The blending of capital, their comprehensive understanding of our business, and the newly assembled executive leadership team led by Vaden made this partnership the obvious choice for my partners and me as we continue our ascent to the top of the fintech mountain.”
“Merchant Industry is a high-performing business that has established a strong market position,” said Landers. “This transaction allows us to build on the momentum Leo and his team have created, while providing strategic leadership, infrastructure, and capital to scale the business with purpose. We will actively pursue organic growth initiatives underpinned by an expansion in our distribution capabilities, complemented by strategic M&A. Ultimately, our mission will be to preserve what makes Merchant Industry successful while unlocking new opportunities for innovation, operational efficiency, and value creation across the broader payments ecosystem.”
MAPP Advisors served as exclusive sell-side advisor to Merchant Industry, with Vedder Price providing legal counsel. Lovell Minnick Partners was represented by Dechert LLP.
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