FitzWalter Capital (“FitzWalter”), a leading global private investment firm, today announces that it has acquired a majority equity stake in Onyx CenterSource (the “Company”), a provider of B2B payments and business intelligence technology to the hospitality sector worldwide. Financial terms are not being disclosed.
Created in 2013 and headquartered in Dallas, TX, Onyx CenterSource has built an extensive customer base of leading hotels and travel agencies, meeting planners and corporate travel departments. The Company enables more than $2bn in payments annually, partnering with more than 150,000 hotel properties and 200,000 travel booking providers in 160 countries.
FitzWalter will support Onyx as it expands its solutions to better serve existing and new customers, including through further investment into GroupPay, the first payments automation platform for the Meeting and Event Industry, new Invoicing and VAT services, currency and market expansions, new tools for online agencies and to improve the overall client experience. Onyx will continue to be led by CEO Mark Dubrow and its existing senior leadership team.
Mark Dubrow, CEO of Onyx CenterSource, commented: “I am excited to be partnering with FitzWalter to help drive our next chapter of growth. The hospitality sector is rebounding to pre-pandemic levels. This is the perfect time to double down for our customers, invest in essential products and provide solutions that drive efficiencies, reduce costs and help fill the void of the industry’s labor shortage. Our goal is to help our customers grow and allow them to better serve their customers”.
Adam Weinstock, Partner at FitzWalter, added: “We have closely followed Onyx CenterSource for several years and we believe the Company has built an enviable niche within the hospitality industry.
We are excited to invest in the business and we look forward to working with CEO, Mark Dubrow, and the rest of the management team to help them execute on their ambitious growth plans.”