West Palm Beach, FL., March 2014 – Comvest Partners through its debt fund, Comvest Capital II L.P., acted as Agent on an upsized $75 million term loan for Merchant Cash and Capital, LLC (“MCC”), one of the nation’s leading “merchant cash advance” funding companies. Comvest made an initial investment in MCC in September 2011.
“Like the businesses we finance, we need resources to develop more programs and services for our customers, and that is exactly what this new financing will allow us to do,” said MCC Chief Executive Officer Stephen Sheinbaum. “Our new term loan gives us the capital needed to invest in technology and product development, and catapult the growth of MCC from the current levels of funding $20 million per month to more than double that over the course of the next year.”
2013 was a watershed year for MCC, as it successfully launched its ASAP technology which streamlines and automates the approval-to-funding process for merchants and partners alike. In addition to technology innovations and product expansion, MCC has also added to the depth of its senior management team with the addition of Jeffrey Beckwith, Chief Financial Officer.
“MCC has a team and set of business processes that are unparalleled in our industry, we are excited to take MCC to the next level,” said Jeff Beckwith, Chief Financial Officer of MCC.
“We have enjoyed watching the product growth and continuous improvement of MCC over the last several years,” said Greg Reynolds, Managing Director at Comvest. “We are confident that MCC is well-positioned for the future and are delighted to increase our capital commitment and bring Crystal Financial and Medley Capital into the new term loan.”
About Merchant Cash and Capital:
Merchant Cash and Capital, LLC combines advanced technology and unmatched customer service to provide financing for business owners around the country. With its ASAP (Automated Submission and Pre-Approval System) technology, MCC enables business owners to instantly secure funding approvals – a process that took 24 hours, now takes 24 seconds. MCC has funded more than $650 million to over 13,000 unique business owners and a total of 29,000 advances. For more information, visit www.merchantcashandcapital.com or call 1-877-208-7758.
About Comvest Partners:
Comvest Partners, with $1.2 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 $1.9 billion of capital in over 130 public and private companies. Please visit www.comvest.com.
For more information contact:
Louis Colosimo, Comvest – (212) 829-5880, firstname.lastname@example.org