Lovell Minnick Partners LLC closed its purchase of Troy, Mich.-headquartered Billhighway Inc., which offers integrated software and payment solutions to membership-based organizations.
Trevor Rich and Greg Cohen, who are a partner and an operating partner, respectively, at the private equity firm, will join the company's board of managers.
The financial services-focused investor said it will support the company's growth in its core market and expansion into new segments.
TPG Sixth Street Partners and Wells Fargo Bank NA provided financing for the deal, financial terms of which were not disclosed.
Morgan Lewis & Bockius and Jaffe Raitt Heuer & Weiss were legal advisers to Lovell Minnick.