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 to support the carve-out of Avera eCare from Avera Health by Aquiline Capital Partners, a private investment firm. The new company, called Avel eCare, is a national leader in delivering telemedicine care.
Based in Sioux Falls, S.D., Avel eCare is among the world’s largest virtual care providers, delivering two-way video telehealth care to a variety of healthcare facilities, including health systems, rural hospitals, critical care units, outpatient clinics, and long-term facilities. Avel eCare also partners with rural organizations to provide underserved communities with a variety of virtual healthcare services, such as chronic care management, cardiology, annual check-ups, behavioral health, and wellness checks.
“Avel eCare is an exciting company with a meaningful offering and strong continued growth potential,” said Tom Goila, a Partner at Comvest. “We are pleased to contribute Comvest’s significant investment expertise in recurring-revenue businesses in the healthcare and technology sectors in structuring a highly customized, needs-responsive facility that will enable Avel eCare to rapidly expand the business. We look forward to our partnership with Aquiline Capital Partners to support Avel eCare in delivering world-class telehealth services to its customers.”
About Avel eCare:
Avel eCare is one of the largest and most comprehensive virtual care providers in the world – partnering with more than 600 health care systems, rural hospitals, outpatient clinics, long-term care facilities, assisted livings, and schools to deliver innovative care in communities across the country. For more information, please visit www.avelecare.com
About Aquiline Capital Partners:
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare industries. The firm had $6.9 billion in assets under management as of June 30, 2021. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.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 $200 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
For more information, please contact:
Tom Goila, Partner, Comvest Credit Partners – T.Goila@comvest.com
Bryce Peterson, Managing Director, Comvest Credit Partners – B.Peterson@comvest.com