Comvest Partners (“Comvest”) is pleased to announce that it has completed the sale of SunteckTTS Inc. (“SunteckTTS”), a leading multi-modal transportation solutions provider, to MODE Transportation (“MODE” or the “Company”), a leading North American third-party transportation and logistics company.

The combined Company will offer a broad range of capabilities across all major modes of transportation including truckload, less-than-truckload, rail intermodal, drayage, air, ocean and parcel freight which will facilitate more than 1.5 million annual customer shipments and generate over $2 billion of revenue.

Comvest acquired the predecessor to SunteckTTS in April 2013 through a take-private transaction and later completed a merger with TTS to create SunteckTTS in December 2016. Through the merger with TTS and under Comvest’s ownership, SunteckTTS became one of the largest multimodal, agent-based freight management service providers in the U.S., generating over $1 billion in gross revenue and managing more than 800,000 intermodal, truckload and less-than-truckload shipments annually.

“We admire the SunteckTTS team’s dedication to building and growing one of the premier leaders in the 3PL transportation and logistics sector,” said Roger Marrero, Managing Partner at Comvest. “We are grateful to have had such a collaborative and synergistic partnership with our Executive Partner, Ken Forster, and the rest of the SunteckTTS senior team.

“Our partnership with Comvest has been instrumental to this exciting phase of growth at SunteckTTS,” said Ken Forster, previously CEO of SunteckTTS and now President & COO of MODE. “We look forward to the future at MODE, providing our agents, shippers, and carrier partners a significantly enhanced platform position for the future.”

Piper Jaffray and Harris Williams acted as financial advisors and McDermott Will & Emery acted as legal advisor to SunteckTTS in connection with the sale to MODE. MODE received legal advice from Kirkland & Ellis, LLP.

About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across North America. Since its founding in 2000, Comvest has invested over $4.7 billion. Today, Comvest’s funds have over $3.7 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 www.comvest.com.

West Palm Beach, FL – (November 8, 2019) – Comvest Credit Partners (“Comvest”) has acted as Administrative Agent and Sole Lender in providing a $45.0 million senior secured term loan (the “Financing”) to HOP Energy, LLC (“HOP Energy”), a portfolio company of Delos Capital.

“We are pleased to be partnering with Comvest for this important Financing. Comvest not only has a deep understanding of our industry, but also the value proposition of HOP Energy,” said Michael Anton, CEO of HOP Energy.

“HOP Energy continues to excel at customer service by providing 24/7 support across the Northeast United States. We look forward to supporting HOP Energy as it continues to build on its over 20 year history providing heating solutions to its longstanding customer base,” said Colleen Gurda, Senior Vice President at Comvest.

About HOP Energy, LLC

Based in White Plains, NY, HOP Energy, LLC is a specialty distributor of heating oil, propane and other petroleum products and related services to homeowners and small businesses in the Mid-Atlantic and Northeast regions of the United States. For more information, please visit their website.

About Delos Capital

Delos Capital, founded in 2013, is a lower middle market private equity firm specializing in management buyouts, recapitalizations, and growth investments. For more information, please visit their website.

About Comvest Credit Partners

Comvest focuses on providing flexible financing solutions to middle-market companies. Comvest provides senior secured, unitranche, second lien, and mezzanine capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations. Credit facilities typically range from $25 million to $200 million for companies with revenues greater than $20 million.  Comvest has offices located in West Palm Beach, Chicago, Los Angeles and New York.  For more information, please visit the 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 $4.7 billion. Today, Comvest Partner’s funds have over $3.7 billion of assets under management. Through an extensive capital resources and broad network of industry relationships, Comvest Partners offers companies financial sponsorship, critical strategic and operational support, and business development assistance.  For more information, please visit the website.

West Palm Beach, FL – October 15, 2019 – Comvest Credit Partners (“Comvest”) acted as Administrative Agent and Joint Lead Arranger in a senior credit facility (the “Financing”) to support New State Capital Partners’ (“New State”) recapitalization of Global Holdings Acquisition, LLC. (“Global Holdings” or the “Company”). 

“Comvest has proven to be a great lending partner with deep expertise in the debt settlement industry,” said John Beauclair, Senior Principal at New State. 

“As an existing lender to the Company since 2018, we are pleased to expand our relationship with the Company and New State. Global Holdings continues to emphasize the importance of client relations, which has resulted in high levels of recurring revenue and long-standing relationships with its customers,” said Tim Kim, Vice President at Comvest.

Global Holdings

Global Holdings, founded in 2003, is the leading dedicated account and payment processing provider to the consumer debt settlement industry, serving each of the leading consumer debt settlement businesses in the United States. For more information, please visit their website.

About New State Capital Partners

New State Capital Partners LLC is an entrepreneurial-minded private equity firm that strives to be more nimble, more decisive and more cooperative than larger, institutional firms. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships, rather than as an exercise in meeting rigid investing criteria. The firm is very flexible about the structure of its investment and focuses on growth and add-on investment. New State seeks to invest in market-leading companies with $8 million to $30 million of EBITDA in the areas of business services, industrials, consumer, and healthcare services. New State can commit more than $50 million of equity capital per transaction through New State Capital Partners II, LP. New State and its affiliates have invested in 22 companies to date. For more information visit website

About Comvest Credit Partners

Comvest focuses on providing flexible financing solutions to middle-market companies. Comvest provides senior secured, unitranche, second lien, and mezzanine capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations. Credit facilities typically range from $25 million to $200 million for companies with revenues greater than $20 million.  Comvest has offices located in West Palm Beach, Chicago, Los Angeles and New York. For more information, please visit the 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 $4.5 billion. Today, Comvest Partner’s funds have over $3.3 billion of assets under management. Through an extensive capital resources and broad network of industry relationships, Comvest Partners offers companies financial sponsorship, critical strategic and operational support, and business development assistance.  For more information, please visit the website.  

MIAMI–IMC Health Medical Centers, a portfolio company of Comvest Partners and Athyrium Capital Management, announced today that it has acquired Carlos Iglesias, MD, a primary care practice focused on managed care members.

Dr. Iglesias will practice in IMC’s SW 8^th Street location following a communication and orientation of his existing patients.  Dr. Iglesias’ patients will immediately benefit from the full offering of IMC’s primary care and specialist services.

“We are very excited to have Dr. Iglesias become part of IMC,” said William C. Lamoreaux, Chief Executive Officer of IMC. “His commitment to his patients has driven strong loyalty and superior patient outcomes. The patients will also benefit from the vast array of medical and social services offered by IMC.”

Dr. Iglesias said, “I am pleased to be joining IMC and leverage their extensive experience in managed care. My practice is now well positioned to grow and my patients will have access to services that are simply not available in a small practice.”

The acquisition of Dr. Iglesias highlights Comvest’s and Athyrium’s continued commitment to enabling growth in IMC through strategic acquisitions.

About IMC Health Medical Centers

IMC Health Medical Centers operates 13 centers in Miami Dade, Broward and Orange counties. We provide primary and specialty services to Medicare, Medicaid, and Commercial patients. Our patient centered medical home model focuses on preventative, acute, and chronic healthcare delivery, resulting in improved patient outcomes for adults and children. For more information, please visit www.IMCHealth.com.

About Comvest Partners

Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across North America. Since its founding in 2000, Comvest has invested over $4.5 billion. Today, Comvest’s funds have over $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 www.comvest.com.

About Athyrium Capital Management

Athyrium is a specialized asset management company formed in 2008 to focus on investment opportunities in the global healthcare sector. Athyrium advises funds with over $3.7 billion in committed capital. The Athyrium team has substantial investment experience across a wide range of asset classes including public equity, private equity, fixed income, royalties, and other structured securities. Athyrium invests across all healthcare verticals including biopharma, medical devices and products, healthcare focused services, and healthcare information technology. The team partners with management teams to implement creative financing solutions to companies’ capital needs. For more information, please visit www.athyrium.com.

West Palm Beach, FL – (July 9, 2019) – Comvest Credit Partners (“Comvest”) has acted as Administrative Agent and Lender in providing a $50.0 million senior secured credit facility  (the “Financing”) to PM Pediatrics Management Group, LLC (“PM Pediatrics” or the “Company”), a pediatric urgent care provider.  The financing was used to retire certain existing debt and finance new clinic growth.

“We are excited to partner with Comvest Credit Partners as we position our Company for further growth,” said Company executive David Biehl.  “Comvest worked quickly to provide an optimal financing structure to satisfy our current and future needs.” 

“We are very pleased to partner with PM Pediatrics on this transaction. The Company maintains an outstanding reputation in the market, which is a testament to its strong management team and differentiated urgent care platform,” said Greg Reynolds, Partner at Comvest.

About PM Pediatrics

PM Pediatrics is a leading provider of pediatric urgent care services for children and young adults across ten states. Unlike traditional urgent care practices, PM Pediatrics specializes in treating patients from the cradle to college, 365 days a year, every day until midnight. The Company is staffed by pediatric emergency specialists, including pediatric emergency physicians and board-certified pediatricians, who are specially trained in treating children in urgent care situations while minimizing pain and unnecessary tests. For more information, please visit their website https://www.pmpediatrics.com/.

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 $20 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 $4.0 billion. Today, Comvest’s funds have $3.2 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.  

West Palm Beach, FL, April 30, 2019 – Comvest Partners (“Comvest”) has announced that its portfolio company, Engage2Excel Group of Companies (“E2E Group”), has added Rideau, Inc. (“Rideau”), a global leader of employee recognition solutions, to bolster its career experience platform. Headquartered in Montreal, Rideau provides world-class organizations with an integrated recognition platform that fuels long-term performance by increasing employee engagement and retention.

“Rideau has a rich heritage of recognition expertise and industry-leading technology and reputation in the marketplace, and we are excited about our shared vision for bringing the career experience platform to life,” said Phil Stewart, CEO of E2E Group. “We believe that Rideau’s Vistance Analytics & Learning platform can help managers and leaders measure and improve their ability to recognize others, driving more success for our 3,000+ combined clients.”

For the past 32 years, Peter Hart, President of Rideau, has been the driving force of transforming Rideau into one of the world’s largest recognition and rewards companies. E2E Group is pleased to continue to leverage Hart’s strong leadership abilities. “I couldn’t be more enthusiastic about Rideau joining the E2E Group family of companies,” said Hart. “Our mission has been to build meaningful relationships with powerful recognition solutions, and E2E Group will only help take us to the next level.”

“This investment aligns with Comvest’s strategy to invest in technology-enabled businesses in the human capital management marketplace,” said Matt Gullen, Partner at Comvest. “We believe that strong tailwinds will continue as organizations increasingly emphasize how they will attract and retain their talent, and Rideau represents a highly complementary and strategic addition to E2E Group.”

Rideau has many locations in Canada, including Montreal, Ottawa, Toronto, Edmonton and Vancouver, as well as offices in New York, France, and Bangalore, India.  Rideau is expected to continue business as usual while leveraging the assets of E2E Group.

About E2E Group

E2E Group is a leading provider of employee recognition and engagement, sales incentives, talent acquisition and consumer loyalty solutions and services. Headquartered in Statesville, North Carolina, E2E Group’s solutions focus on attracting, retaining, and engaging both employees and customers to increase productivity and profitability. E2E Group maintains relationships across a diversified client base ranging from Fortune 100 companies to small and medium-sized businesses. The organization now consists of Engage2Excel, Inc. and Engage2Excel Recruitment Solutions (www.engage2excel.com), Hinda Incentives and Loyalty Group (www.hinda.com), and Rideau, Inc. (www.rideau.com).

About Rideau, Inc.

Rideau leverages their century of experience in the recognition industry to reinvent the human capital landscape with a true Return on Recognition. Built upon award-winning, state-of-the-art technology and validated by years of scientific research, Rideau’s new approach to employee recognition is transforming the use of recognition analytical data. With the use of proprietary analytics, Rideau can identify real-time opportunities to increase employee engagement, employee retention, and customer satisfaction as well as identify the concrete, measurable return on investment that yields lower recognition program costs.  For more information, please visit www.rideau.com.

About Comvest Partners

Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across North America. Since its founding in 2000, Comvest has invested over $4.3 billion in 185 companies. Today, Comvest’s funds have over $3.2 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 www.comvest.com.

Comvest Credit Partners (“Comvest”) has acted as Administrative Agent and Sole Lender of a $60.0 million Senior Credit Facility to Beyond Finance, Inc. (“Beyond Finance”), a debt resolution services provider. The financing will be used to repay existing debt and fund ongoing working capital needs.

“We are excited to partner with Comvest, who brings great experience and industry expertise as we continue to grow our portfolio. This partnership will provide us with the capital necessary to accelerate our growth trajectory,” said Larry Litton, Chief Executive Officer of Beyond Finance.

“Beyond Finance has built a strong reputation in the industry and is backed by a very experienced management team. We are confident in the team at Beyond Finance and look forward to our new partnership,” said Tim Kim, Vice President at Comvest.

WEST PALM BEACH, FL, April 23, 2019 – Comvest Partners (“Comvest”) is pleased to announce its investment in VanDeMark Chemical Inc. (“VanDeMark” or the “Company”). Headquartered in Lockport, New York and with a facility in Kazincbarcika, Hungary, VanDeMark is recognized as a worldwide leader in the production of specialty phosgene derivatives. The Company provides unmatched expertise in the development of custom phosgene chemicals and offers a range of more than 30 chemical compounds primarily used in pharmaceuticals, agrochemicals, plastics and polymers, and CASE (coatings, adhesives, sealants, elastomers) applications.

“We have seen tremendous growth in our business and believe that we are well-positioned to benefit from strong industry tailwinds,” said Mike Kucharski, CEO of VanDeMark. “With Comvest’s support, we are excited to continue to invest in our capabilities, team and the development of new products.”

“VanDeMark’s highly diversified platform and global market leadership make for a compelling investment opportunity,” said Matt Gullen, Partner at Comvest Partners. “We are excited to partner with the management team to continue to support future growth initiatives.”

Comvest was advised by Kirkland & Ellis.

About VanDeMark

VanDeMark is the largest independent manufacturer of specialty phosgene derivatives. VanDeMark products are primarily used in pharmaceuticals, agrochemicals, plastics/polymers, and CASE (coatings, adhesives, sealants, elastomers) applications. The Company was founded in 1951 and is headquartered in Lockport, New York. For more information, please visit www.vandemark.com .

About Comvest Partners

Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across North America. Since its founding in 2000, Comvest has invested over $4.0 billion in 185 companies. Today, Comvest’s funds have over $3.2 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 www.comvest.com.

West Palm Beach, FL – (April 10, 2019) – Comvest Credit Partners (“Comvest”) has acted as Administrative Agent in providing a $110.0 million senior secured credit facility (the “Financing”) to Spring Venture Group and affiliates (the “Company”), an insurance brokerage and consulting services provider primarily in the Medicare supplement market.

“Comvest has proven to be a great partner and has supported our growth over the past four years. We are excited to extend our relationship with Comvest as we continue to execute on our growth strategy,” said Chris Giuliani, Chief Executive Officer.

“We are very pleased to partner with the team at Spring Venture Group once again as they continue to make strides in the industry as one of the leading insurance brokers in the Medicare space,” said Jason Gelberd, Partner and Co-Head of Direct Lending at Comvest Credit Partners.

About Spring Venture Group, LLC

Spring Venture Group is a leading digital direct-to-consumer sales and marketing company with product offerings focused on the senior market. Founded in 2009, the Company specializes in distributing Medicare Supplement, Medicare Advantage, and related products via its digital presence and dedicated team of insurance advisors.  Spring has developed a highly-differentiated technology platform that combines sophisticated marketing, lead generation, comparison shopping, sales execution, and post-enrollment customer engagement to create an invaluable channel for its insurance carrier partners. Spring’s deep senior market expertise and technology-enriched sales approach are complemented by its data-driven operational and workflow insight.  The Company employs over 650 professionals and is headquartered in Kansas City, Missouri. To Learn more about Spring Venture Group careers visit www.springventuregroup.com

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 over $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.

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.