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.”
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
For more information, please contact:
Joe Higginbotham, Principal, Comvest Credit Partners – email@example.com
Derek Gould, Principal, Comvest Credit Partners – firstname.lastname@example.org