West Palm Beach, FL – (February 27, 2019) – Comvest Credit Partners (“Comvest”) has acted as Administrative Agent, Sole Lead Arranger, and Sole Bookrunner in providing a $120 million senior credit facility (“Credit Facility”) to Purchasing Power, LLC (“Purchasing Power”), a voluntary benefit company that offers a leading employee purchase program for consumer products and services through the convenience of automatic payroll deduction. The Credit Facility was used to refinance Purchasing Power’s existing senior debt and provided a dividend recapitalization solution to existing investors. Purchasing Power has been majority owned by Flexpoint Ford, a private equity investment firm that specializes in the financial services and healthcare industries, since December 2016.
“It was a pleasure working with Comvest on this financing. Their ability to quickly understand the complexities of our business helped facilitate an efficient deal process. We look forward to a strong partnership with Comvest in the future as we execute on our growth plans,” said Richard Carrano, CEO of Purchasing Power.
“We are pleased to advance our relationship with Purchasing Power. The business continues to grow and has established itself as the industry standard in the area of employee purchase program benefits,” said Jason Gelberd, Partner at Comvest.
About Purchasing Power:
Purchasing Power is one of the fastest-growing voluntary benefit companies in the industry, offering a leading employee purchase program for consumer products and services as well as providing financial tools and resources to improve employee financial wellness. Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies. Headquartered in Atlanta, Purchasing Power is ‘Powering People to a Better Life™’ through its employee purchase program, financial literacy efforts and corporate social responsibility initiatives. Purchasing Power is a Flexpoint Ford, LLC company. For more information, please visit their website.
About Comvest Credit Partners:
Comvest Credit Partners, through affiliated private funds, focuses on providing flexible financing solutions to middle-market companies. We provide senior secured, unitranche, second lien, and mezzanine capital as well as equity co-investments. We lend to sponsored and non-sponsored companies, in support of refinancings, growth capital, acquisitions, buyouts, and recapitalizations. Credit facilities typically range from $20 million to $200 million for companies with revenues greater than $15 million. For more information, please visit our website.
About Comvest Partners:
Comvest Partners is a private investment firm providing equity and debt to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $4.1 billion in over 185 companies. Today, Comvest’s funds have $3.3 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our companies financial sponsorship, critical strategic and operational support, and business development assistance. For more information, please visit our website.