West Palm Beach, FL – Comvest Partners, through its debt fund Comvest Capital II, LP (“Comvest”), acted as Agent on a $100 million term loan to Travel Holdings, Inc. (“THI” or the Company”), a global provider of travel products. Proceeds from the term loan were used to provide liquidity to shareholders and to provide majority control for executive management. “We are very pleased to call Comvest our financing partner. We look forward to growing the relationship as we continue to capitalize on the significant opportunities in front of us in the years ahead” said THI Chief Executive Officer, Uri Argov. “Comvest has proven again to be a strategic partner for our firm and we are pleased to expand the relationship with their leadership role in the THI financing,” said Pharos Capital Group Co-Founder and Managing Partner, Michael Devlin. “Uri and his team have built a market leader at THI, and the platform is well positioned for continued success,” said Comvest Managing Director, Dan Lee. “We feel fortunate to partner with this excellent management team, and stand ready to provide additional capital as they continue their impressive growth trajectory.”
About Travel Holdings:
Travel Holdings, Inc., one of the most distinctive and expansive travel distribution companies in the world, was created through the merger of Tourico Holidays, founded in 1994 by Uri Argov, LastMinuteTravel.com and Travel Global Systems (TGS). Travel Holdings uses proprietary technology to supply travel inventory at competitive pricing. Travel Holdings integrates with all segments of the online travel industry including retail, wholesale, group, travel agents, corporate and affiliates. Please visit www.travelholdings.com.
About Pharos Capital Group, LLC:
Headquartered in Dallas and Nashville, Pharos Capital Group (“Pharos”) was founded in 1998 and has managed capital through three private equity funds. Our latest partnership is focused on providing later stage equity funding for internal growth, acquisitions, leveraged buyouts, management buyouts or recapitalizations across industry sectors, with particular focus on healthcare and business services. Please visit www.pharosfunds.com.
About Comvest Partners:
Comvest Partners, with $1.8 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 $2.0 billion of capital in over 140 public and private companies. Please visit www.comvest.com.