West Palm Beach, Florida, July, 2013 – Comvest Partners, through its lending platform, Comvest Capital, has provided a $30,000,000 Term Loan to City Title Loan, LLC (“City Loan”), a Larsen MacColl Partners (“Larsen MacColl”) portfolio company. Based in Long Beach, California, City Loan is a specialty finance company that provides direct-to-consumer loans.
“We are pleased to partner with Comvest as we embark on this next stage of growth,” says Fred Cary, Chief Executive of City Loan. “I am confident we have the people and processes in place to facilitate continued growth and expansion of our product offerings to our underserved customers.”
Jeff Larsen, Managing Partner of Larsen MacColl, says “Larsen MacColl has been supportive of City Loan’s growth since our initial investment in March 2011 and is pleased to partner with Comvest to capitalize on the many expansion opportunities that exist for City Loan.”
“Management has shown a strong acumen for profitably growing the loan portfolio, and we are pleased to be in a position to facilitate continued expansion alongside Larsen MacColl,” adds Greg Reynolds, Managing Director at Comvest.
About City Loan:
Founded in 1995 and headquartered in Long Beach, California, City Loan is a specialty finance company that provides direct-to-consumer loan products to an underserved market. For more information, please visit www.cityloan.com.
About Larsen MacColl:
Larsen MacColl Partners is a private equity fund based in Radnor, Pennsylvania. Larsen MacColl invests in profitable and established companies in basic industries with annual sales ranging between $5 and $40 million, and seeks to partner with companies with proven business models, solid management teams and significant growth opportunities. For more information, please visit www.larsenmaccoll.com.
Comvest Partners, with $1.1 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.7 billion of capital in over 115 public and private companies. For more information, please visit www.comvest.com.