Comvest Credit Partners Leads Dividend Recapitalization of Saatva
- Home
- Comvest Credit Partners Leads Dividend Recapitalization of Saatva
West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, has acted as Administrative Agent in providing a senior secured credit facility (the “Financing”) to Saatva (or the “Company”), a leading direct-to-consumer (DTC) online retailer of luxury mattresses and sleep products. The Financing was used to support a dividend recapitalization of the Company by Saatva management and TZP Group, a private equity firm.
Founded in 2010, Saatva has become the nation’s top pure-play e-tailer of premium mattress and bedding products. Saatva offers high-quality mattresses, reasonable prices, short delivery times, and a pleasant, customer-focused shopping experience, which includes a no-pressure home trial. Its line features the Saatva Classic, a dual-coil innerspring mattress with a luxury Euro pillow top. Saatva also sells bed frames and bases, comforters, mattress toppers, pillows, and other sleep products.
“Comvest is pleased to provide financing support to Saatva, the leading brand in the DTC mattress space,” said Nick McClelland, Managing Director, at Comvest. “Since its inception, Saatva has achieved strong and consistent growth — all without incurring any debt, which is remarkable for a consumer products business with substantial manufacturing and fulfillment operations.”
“In structuring a tailored financing solution, Comvest brought Saatva our extensive investment experience in the e-commerce DTC home products sector, where consumers are increasingly comfortable buying before trying,” said Tom Goila, Partner, at Comvest. “We believe Saatva remains poised for continued robust growth and look forward to building our relationship with TZP Group.”
About Saatva
Saatva is a privately held e-commerce company founded in 2010 on the principle that luxury sleep should be available to everyone. The company since expanded its offering beyond luxury mattresses to include luxury bedding, high-end beds and bed frames, and a wide-selection of mattresses in every major category. Saatva is based in New York, N.Y., with a second major office in Austin, Texas. For more information, please visit www.saatva.com
About TZP Group
TZP Group, a multi-strategy private equity firm managing approximately $2 billion across its family of funds, is focused on control, growth equity and structured capital investments in business sectors, technology and consumer companies. For more information, please visit www.tzpgroup.com
About Comvest Credit Partners
Comvest Credit Partners 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 $250 million-plus for companies with revenues greater than $20 million. Comvest has offices located in West Palm Beach, Chicago and New York. For more information, please visit www.comvest.com/direct-lending
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested more than $7.7 billion. Today, Comvest has over $6.4 billion of assets under management. Through extensive capital resources and a 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 www.comvest.com
Comvest Partners Becomes a Signatory to Diversity in Action Initiative of the Institutional Limited Partners Association
- Home
- Comvest Partners Becomes a Signatory to Diversity in Action Initiative of the Institutional Limited Partners Association
West Palm Beach, Fla. – Comvest Partners (“Comvest”), an operationally-focused middle-market private investment firm, is pleased to announce that it has become a signatory to the Diversity in Action initiative of the Institutional Limited Partners Association (ILPA).
ILPA, the trade association for institutional limited partners in the private equity asset class, launched the Diversity in Action initiative to bring together limited partners and general partners that share a commitment to advancing diversity, equity and inclusion (DEI) efforts. As a signatory, Comvest pledges to take concrete actions to further DEI within the company as well as in the wider private investment industry.
“Comvest is proud to be accepted as a Diversity in Action signatory,” said Michael Falk, founder and CEO of Comvest. “Comvest has long prioritized diversity and a culture of inclusion. Our pledge to ILPA reflects our focus on advancing our own related initiatives and our interest in collaborating with industry peers to create enduring equitable and inclusive workplaces in the direct lending and private equity sectors.”
Diversity in Action signatories commit to undertake specific DEI actions that span talent management, investment management and industry engagement. As a signatory, Comvest also will participate in roundtable discussions, working groups and surveys to provide the industry with greater transparency on the current state of DEI and on DEI best practices that will move private markets forward.
About ILPA
With more than 575 member institutions representing over 2 trillion USD of private equity assets under management, the Institutional Limited Partners Association (ILPA) is the only global organization dedicated exclusively to advancing the interests of LPs and their beneficiaries. ILPA’s members include public and private pensions, insurers, endowments and foundations, family offices, development finance institutions, and sovereign wealth funds. Its policy agenda is focused on strengthening the private equity asset class through strong governance, alignment of interests, and transparency. For more information, please visit www.ilpa.org
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest Partners has invested over $7.7 billion. Today, Comvest Partners has over $6.4 billion of assets under management. Through its 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 www.comvest.com
Comvest Partners Completes Sale of Encompass Supply Chain Solutions
- Home
- Comvest Partners Completes Sale of Encompass Supply Chain Solutions
West Palm Beach, Fla. – Comvest Partners (“Comvest”), an operationally-focused middle-market private investment firm, is pleased to announce the sale of Encompass Supply Chain Solutions, Inc. (“Encompass”, or the “Company”) to Parts Town, a global market leader in genuine original equipment manufacturer (OEM) parts distribution and technology. Encompass had been a platform company in Comvest’s private equity portfolio since 2019. Financial terms of the transaction were not disclosed.
Headquartered near Atlanta, Encompass is among the nation’s leading suppliers of genuine repair parts for products in the home. Serving both the service trade and consumers, Encompass delivers access to more than eight million OEM replacement parts from over 200 top manufacturer brands across all major home product categories, including home appliance, consumer electronics, HVAC, computing, and personal care. Encompass also offers services in parts supply chain management, third-party logistics, depot repair, and reverse logistics. The Company maintains seven distribution facilities nationwide.
“Comvest has had a wonderful experience supporting Encompass’s CEO Robert Coolidge and his talented team during the Company’s substantial growth these past few years,” said Maneesh Chawla, a Senior Partner at Comvest. “Encompass further strengthened its performance through investment in strategically located facilities, inventory, relationships, and customer service innovations. We are excited for Encompass’s continued success in its next chapter with Parts Town.”
During its partnership with Comvest, Encompass increased its offering in all home categories, added to its significant network of strong manufacturer and dealer partnerships, expanded its national footprint, and advanced innovative technological and service solutions to its customers and vendor partners.
“Comvest’s investment and strategic guidance have been fundamental to our significant growth,” said Mr. Coolidge. “We successfully scaled the business and executed on key facility, operational and technological initiatives, including opening new distribution centers, automating management systems, and launching robust digital capabilities. We are excited to join the Parts Town family and work together to build an even bigger home-focused platform.”
Metronome Partners acted as financial advisor and Akerman LLP acted as legal advisor to Encompass.
About Encompass
Formed in 1953, Encompass is one of the country’s largest suppliers of repair parts and accessories for products throughout the home. Encompass also offers complete parts supply chain management, third-party logistics, depot repair and reverse logistics service. In addition to consumers, Encompass supports an array of business-to-business customers, including manufacturers, multi-family property management, warranty providers, service networks, independent dealers and retailers. For more information, please visit https://solutions.encompass.com
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the United States. Since its founding in 2000, Comvest Partners has invested over $7.7 billion. Today, Comvest Partners has over $6.4 billion in assets under management. Through its 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 www.comvest.com
Comvest Credit Partners Announces New Investment in Oceans Healthcare
- Home
- Comvest Credit Partners Announces New Investment in Oceans Healthcare
West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, has acted as Administrative Agent in providing a $109 million senior secured credit facility (the “Financing”) to Oceans Healthcare (“Oceans”, or the “Company”), a Plano, Texas-based provider of behavioral health services. Comvest partnered with Silver Point Finance on the Financing, which was used for the acquisition of Oceans by Webster Equity Partners, a private equity firm. The transaction marks a continuation of Comvest’s support of the regional care leader; Oceans has been a part of Comvest’s direct lending portfolio since 2016.
Founded in 2004, Oceans provides inpatient and outpatient health services for adolescent, adult, and geriatric patients, with a focus on reaching underserved markets and treating complex cognitive and progressive mental health conditions. Oceans has doubled in size since 2017, and now operates 33 locations in the southeastern United States, including 23 inpatient hospital campuses and 20 intensive outpatient programs.
“We are pleased to serve as Oceans’ credit financing partner through multiple owners and phases of the Company’s rapid and significant growth,” said Bryce Peterson, Managing Director, at Comvest. “Over the past five years, we have built a strong relationship with Oceans’ impressive leadership team as they expanded the Oceans footprint, built new hospitals and programs, and improved access to high-quality, patient-centered behavioral health care. There is an increasing demand for strong expertise and services in the markets they serve.”
“Comvest drew upon our extensive healthcare sector expertise and resources to structure a tailored financing solution that best positions Oceans to achieve its ambitious plan, which includes adding more locations, facilities, and services,” said Tom Goila, Partner, at Comvest. “We look forward to working with Webster, a healthcare-focused private equity firm, in support of Oceans’ continued success and growth.”
About Oceans Healthcare
Oceans Healthcare is a growing behavioral health provider focused on healing and long-term recovery. Founded in 2004, Oceans provides inpatient and outpatient treatment with a special focus on the unique physical and emotional needs of older adults. For more information, please visit www.oceanshealthcare.com
About Webster Equity Partners
Founded in 2003, Webster Equity invests in healthcare services companies with high impact growth strategies that deliver the highest quality care and extraordinary service. For more information, please visit www.websterequitypartners.com
About Comvest Credit Partners
Comvest Credit Partners 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 $250 million-plus for companies with revenues greater than $20 million. Comvest has offices located in West Palm Beach, Chicago, and New York. For more information, please visit www.comvest.com/direct-lending
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $7.7 billion. Today, Comvest has over $6.4 billion of assets under management. Through extensive capital resources and a 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 www.comvest.com
Comvest Credit Partners Announces Investment in Horsepower Financial
- Home
- Comvest Credit Partners Announces Investment in Horsepower Financial
West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, has acted as Administrative Agent in providing a $40 million senior secured credit facility (the “Financing”) to Horsepower Financial, LLC (“Horsepower”), and its affiliates. Horsepower, a Lebanon, Ohio-based provider of consumer motorcycle leasing services, will use the Financing to fund working capital needs and business growth initiatives.
Founded in 2009, Horsepower is a specialty consumer leasing business focused on the pre-owned Harley-Davidson motorcycle market. With a mission to “afford everyone access to the Harley Lifestyle”, Horsepower provides custom leases to consumers through partnerships with authorized Harley-Davidson dealers throughout the United States.
“Comvest is pleased to provide Horsepower with a creative financing solution to support the company’s growth plans,” said Tim Kim, Managing Director, at Comvest. “We are excited to have the opportunity to once again work with Horsepower’s exceptional leadership team, including Chris Garrido and Laura Middendorf. We provided a similar credit facility for a consumer finance company they led prior to joining Horsepower and look forward to continuing to build upon our relationship.”
“Comvest brings a highly nuanced knowledge of specialty finance and very specific experience structuring credit facilities for rapidly growing consumer finance businesses like Horsepower,” said Chris Garrido, CEO, of Horsepower. “Comvest’s expertise in consumer specialty finance and the pre-owned Harley-Davidson market, along with its history of being a constructive and trustworthy partner, were big factors in our choice of a financing provider.”
The transaction extends Comvest’s leadership in the North American specialty finance lending market. Since 2011, Comvest has made approximately 40 specialty finance investments representing nearly $2 billion in capital commitments.
About Horsepower Financial
Horsepower has been a pioneering power sports dealer in Lebanon since 2009. Having completed over 100+ motorcycle dealerships, Horsepower holds a firm reputation for delivering superior quality Harley-Davidson’s motorcycles. The company’s Harley Davidson financing solutions are fully equipped to cater to the ever-demanding needs of the customer. For more information, please visit www.horsepowerfinancial.com
About Comvest Credit Partners
Comvest Credit Partners 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 $250 million-plus for companies with revenues greater than $20 million. Comvest has offices located in West Palm Beach, Chicago and New York. For more information, please visit www.comvest.com/direct-lending
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $7.7 billion. Today, Comvest has over $6.4 billion of assets under management. Through extensive capital resources and a 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 www.comvest.com
Comvest Credit Partners Announces Investment in Education Solution Services
- Home
- Comvest Credit Partners Announces Investment in Education Solution Services
West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, has acted as Administrative Agent in providing a senior secured credit facility (the “Financing”) to Education Solution Services (“ESS”), a leading provider of K-12 staffing management services and virtual instruction services. The Financing was used to support the acquisition of ESS by The Vistria Group, a private investment firm.
Founded in 2000, ESS is the largest independent staffing services provider in the nation’s $10 billion substitute teacher staffing market. The Knoxville-based company’s turnkey solutions feature its flagship substitute teacher management program as well as a growing virtual live teaching offering. ESS contracts with more than 900 school districts nationwide, representing more than four million students, to place qualified substitute teachers and other support staff in daily, long-term, and permanent K-12 school district positions.
“ESS is an attractive company with strong long-term growth prospects,” said Derek Gould, Principal, at Comvest. “ESS provides critical services to school districts that are increasingly seeking sustainable ways to optimize employee management and ensure equitable outcomes for their students. Comvest looks forward to supporting management as they expand ESS’s national reach and drive innovation in the outsourced managed educational services space.”
“Comvest delivered a significant and creative debt financing solution that allows ESS to pursue desired growth initiatives and address challenges caused by the COVID-19 pandemic,” said Joe Higginbotham, Principal, at Comvest. “Comvest is pleased to close our third transaction with The Vistria Group, a leading investor in the education space, in the past year.”
About ESS
An education staffing leader since 2000, ESS specializes in placing and managing qualified staff in daily, long-term, and permanent K-12 school district positions, including substitute teachers, paraprofessionals, and other school support staff. For more information, please visit www.ess.com
About The Vistria Group
The Vistria Group is a Chicago-based next generation private investment firm that operates at the intersection of purpose and profit. Vistria partners with middle-market businesses in Healthcare, Education and Financial Services that are passionate about growth and committed to the community. Our decision to invest in these areas is driven by our belief in companies producing scalable social value. Vistria’s team is comprised of highly experienced operating partners and investment professionals with proven track records of working with management teams in building innovative, market-leading companies. For more information, please visit www.vistria.com
About Comvest Credit Partners
Comvest Credit Partners 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 $250 million-plus for companies with revenues greater than $20 million. Comvest has offices located in West Palm Beach, Chicago and New York. For more information, please visit www.comvest.com/direct-lending
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $7.7 billion. Today, Comvest Partners has over $6.4 billion of assets under management. Through extensive capital resources and a 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 www.comvest.com
Comvest Credit Partners Leads Dividend Recapitalization of Another Broken Egg
- Home
- Comvest Credit Partners Leads Dividend Recapitalization of Another Broken Egg
West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, is pleased to announce that it has acted as Administrative Agent in providing a senior secured credit facility (the “Financing”) to Another Broken Egg (or the “Company”), an Orlando, Fla.-based restaurant operator and franchisor of full-service daytime-only cafes. The Financing was used to support a dividend recapitalization and future growth of the Company by The Beekman Group.
Founded in 1996, Another Broken Egg has become one of the leading daytime restaurant concepts in the fast-growing upscale breakfast category, managing 80 company-owned and franchised Another Broken Egg Cafe locations in 15 states nationwide, with 20 new locations in various stages of development. The chain offers innovative menus of southern-inspired dishes, from breakfast classics to brunch specialties, and warm hospitality.
“Comvest has remained actively focused on the restaurant vertical through all market cycles,” said Nick McClelland, Managing Director, at Comvest. “We are excited to deepen our commitment to the casual dining segment, specifically to full-service daytime dining.”
“This transaction underscores Comvest’s deep capabilities and expertise in structuring creative debt solutions to help fast-growing restaurant operator-franchisors like Another Broken Egg accelerate their expansion,” said Dan Lee, Partner, at Comvest. “We look forward to further developing our relationship with The Beekman Group in support of Another Broken Egg’s continued growth.”
Another Broken Egg was named Breakout Franchise Brand of the Year in 2020 by FSR Magazine, which covers the full-service restaurant industry.
About Another Broken Egg:
Another Broken Egg is an upscale breakfast, brunch and lunch restaurant that specializes in award-winning, Southern-inspired menu options with innovative twists and signature cocktails. For more information, please visit www.anotherbrokenegg.com
About The Beekman Group:
The Beekman Group is a private equity firm, based in New York City, focused on building industry-leading companies in the healthcare, consumer, and business services sectors. The firm partners with management teams who desire to be significant owners and create meaningful value by accelerating organic and acquisition growth initiatives. Beekman manages over $1 billion in assets and has completed over 130 transactions since inception. For more information, please visit www.thebeekmangroup.com
About Comvest Credit Partners:
Comvest Credit Partners 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 $250 million-plus for companies with revenues greater than $20 million. Comvest has offices located in West Palm Beach, Chicago and New York. For more information, please visit www.comvest.com/direct-lending
About Comvest Partners:
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $7.7 billion. Today, Comvest has over $6.4 billion of assets under management. Through extensive capital resources and a 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 www.comvest.com
Comvest Credit Partners Announces Investment in KGM
- Home
- Comvest Credit Partners Announces Investment in KGM
West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, has acted as Administrative Agent in providing a $55 million senior secured credit facility (the “Financing”) to Wilnat, Inc. (d/b/a “KGM”), a Tulsa, Okla.-based provider of measurement and regulation equipment and related services to the natural gas utility industry. The Financing was used to support the acquisition of KGM by Compass Group Equity Partners (“CGEP”), a private equity firm.
Founded in 2000, KGM is a value-added distributor of a full suite of measurement products for gas distribution utilities, commercial and industrial customers, municipalities, and pipeline operators, primarily in the central and southern United States. KGM offers the top brands in measurement meters, gas regulators, valves, and controls, among other equipment, as well as in-house repair, refurbishment, and other services.
“Comvest is excited to support CGEP in the acquisition and growth of KGM, which has built an excellent reputation as a one-stop provider of mission-critical products and superior services for its many natural gas customers,” said Greg Reynolds, Partner, at Comvest.
“Comvest is pleased to close another successful transaction with CGEP and to continue expanding our relationship in support of strong platform companies in a variety of sectors, from healthcare services to industrial products,” said Joe Higginbotham, Principal, at Comvest. “As always, we drew upon Comvest’s specialized sector expertise to deliver a timely and bespoke financing solution designed to support KGM’s growth in the months and years ahead.”
About KGM
KGM is a value-add distributor and servicer of meters, regulators, valves, and other measuring devices primarily serving utility and municipality customers throughout the United States. KGM also provides servicing and technical refurbishment of meters and ancillary measuring equipment. Its products and services are critical to the country’s infrastructure, and KGM is a true value-add partner to both its OEMs and end customers. For more information, please visit www.kgmgas.com
About Compass Group Equity Partners
Compass Group Equity Partners is a St. Louis-based private investment firm that partners with small to medium-sized private companies that prioritize people, values, and results. The firm was founded in 2014 to leverage the group’s experience as entrepreneurs, business owners, and executives to invest alongside owners and management teams of closely held businesses with a focus on long-term value creation. For more information, please visit www.cgep.com
About Comvest Credit Partners
Comvest Credit Partners 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 $250 million-plus for companies with revenues greater than $20 million. Comvest has offices located in West Palm Beach, Chicago and New York. For more information, please visit www.comvest.com/direct-lending
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $7.7 billion. Today, Comvest Partners has over $6.4 billion of assets under management. Through extensive capital resources and a 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 www.comvest.com
Comvest Credit Partners Announces Upsize of Credit Facility for CareVet to Support Company’s Continued Growth
- Home
- Comvest Credit Partners Announces Upsize of Credit Facility for CareVet to Support Company’s Continued Growth
West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, is pleased to announce that it has acted as Administrative Agent in upsizing its existing senior secured credit facility (the “Financing”), to CareVet, LLC (“CareVet”), a leading operator of independent veterinary hospitals. The new $228 million facility — Comvest’s fourth upsize since its initial $35 million commitment in September 2020 — will enable CareVet’s management team and private equity sponsor Compass Group Equity Partners (“CGEP”) to continue to grow the business through acquisitions.
Founded in 2018, CareVet is a St. Louis-based veterinary practice management group that acquires and manages established veterinary hospitals throughout the United States. CareVet supports its practices through investments in their hospitals, services, and teams to prioritize the client experience and deliver a full spectrum of care, including routine exams, vaccinations, labwork, surgery, dentistry, medication prescriptions, and pet boarding.
“CareVet and CGEP put together a best-in-class management, operations, and business development team. Comvest is excited to continue to support them in building a premier care platform in the veterinary space,” said Dan Lee, Partner, at Comvest.
“This transaction demonstrates Comvest’s ability to grow with our rapidly-expanding platforms and reflects our deep underwriting expertise in healthcare services, and in particular, the pet space,” added Brian Cercek, Principal, at Comvest. “Starting with our initial $35 million facility in 2020 to support growth-related acquisitions, Comvest has been proud to provide substantial additional commitments through a tailored financing solution that enables CareVet to opportunistically pursue its ambitious goals. In a relatively short time, CareVet has grown from 30 to nearly 120 hospital locations and is now among the nation’s fastest-growing veterinary practice managers.”
“This upsize represents Comvest’s fifth transaction with CGEP, demonstrating the strength of our relationship as well as our ability to create a financing solution to facilitate the continued successful growth of the CareVet platform,” said Joe Higginbotham, Principal, at Comvest. “Comvest looks forward to continuing to support CareVet’s world-class leadership team as they further expand their network of veterinary hospitals that provide superior care.”
About CareVet
Headquartered in St Louis, MO, CareVet is a leading veterinary practice management group that focuses on managing best-in-class hospitals throughout the United States. For more information, please visit www.carevethealth.com
About Compass Group Equity Partners
Compass Group Equity Partners (CGEP) is a St. Louis-based private investment firm that partners with small to medium-sized private companies that prioritize people, values, and results. The firm was founded in 2014 to leverage the group’s experience as entrepreneurs, business owners, and executives to invest alongside owners and management teams of closely held businesses with a focus on long-term value creation. For more information, please visit www.cgep.com
About Comvest Credit Partners
Comvest Credit Partners 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 $250 million-plus for companies with revenues greater than $20 million. Comvest has offices located in West Palm Beach, Chicago and New York. For more information, please visit www.comvest.com/direct-lending
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $7.1 billion. Today, Comvest Partners has approximately $6.5 billion of assets under management. Through extensive capital resources and a 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 www.comvest.com
Comvest Partners Becomes Signatory to the United Nations-Supported Principles for the Responsible Investment
- Home
- Comvest Partners Becomes Signatory to the United Nations-Supported Principles for the Responsible Investment
West Palm Beach, Fla. – Comvest Partners (“Comvest”), an operationally-focused middle-market private investment firm, is pleased to announce that it has become a signatory to the United Nations-supported Principles for Responsible Investment (PRI). The PRI is the leading global network of investment managers, asset owners and service providers committed to investing responsibly by incorporating Environmental, Social and Governance (ESG) factors into their investment practices and business operations.
“We are proud to further demonstrate our commitment to corporate responsibility as a signatory to the UN-supported Principles for Responsible Investment,” said Michael Falk, founder and CEO of Comvest. “Comvest has long embraced the importance of good corporate citizenship throughout our firm and across our direct lending and private equity practices. Environmental, social and governance considerations play a role in every investment decision we make. Our pledge to the PRI affirms and solidifies Comvest’s dedication to prioritizing ESG issues in all of our activities.”
Mr. Falk continued: “At Comvest, we know that every decision creates an ESG impact – whether that’s to the environment, to workplace conditions, to community relationships, or to company oversight. That’s why, years ago, Comvest thoughtfully developed responsible investment standards to help us assess ESG risks, align our investment decisions with the values of our limited partners and employees, create long-term shareholder value, and ensure we always consider the broader impact of our activities – not only on our firm, but on our industry, our local community, and society overall. As a signatory to the PRI, we will continue to strive to be a leading force for good as an employer, investment manager, business partner, and corporate citizen.”
As a signatory, Comvest pledges to incorporate the PRI’s six Principles for Responsible Investment into its investment, due diligence and portfolio management practices to create a more sustainable environment for global financial and investment activities.
“We are very pleased to welcome Comvest Partners as a PRI signatory,” said David Atkin, CEO of the PRI. “Through their heightened focus on ESG factors, investment management firms like Comvest play an important leadership role in advancing sustainable investment practices. We look forward to working with the Comvest team in the months and years ahead.”
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest Partners has invested over $7.1 billion. Today, Comvest Partners has approximately $6.5 billion of assets under management. Through its 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 www.comvest.com
About the Principles for Responsible Investment
The Principles for Responsible Investment (PRI) is the world’s leading proponent of responsible investment. Supported by the United Nations, it works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. Launched in New York in 2006, the PRI has grown to more than 4,600 signatories, managing over $121 trillion AUM. Visit www.unpri.org