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 $105 million senior secured credit facility (the “Financing”) to Fat Tuesday (or the “Company”), one of the nation’s largest off-premise specialty beverage providers. The Financing will be used to fund the Company’s strategic acquisitions and business growth.
Founded in 1983, Fat Tuesday sells a wide assortment of to-go frozen specialty beverages. The New Orleans-based company now has more than 80 corporate and franchised retail locations across 11 states and three countries, predominantly in warm geographies, tourist destinations, entertainment districts and outdoor malls. Patrons can mix and match flavors or choose from one of Fat Tuesday’s signature combinations.
“Comvest has a demonstrated track record of developing bespoke credit financing solutions that successfully support rapidly growing niche food and beverage brands like Fat Tuesday,” said Dan Lee, Partner, at Comvest Partners. “We are pleased to bring our sector expertise and underwriting ability to help Fat Tuesday meaningfully accelerate new unit expansion in domestic and overseas markets.”
“Comvest is pleased to collaborate with Garnett Station Partners on financing another top-tier consumer-branded business,” said Nick McClelland, Managing Director, at Comvest. “We look forward to further building our relationship with Fat Tuesday’s leadership team and Garnett Station Partners as the company continues to build locations and a robust consumer following for its original frozen drink concepts.”
About Fat Tuesday
Founded in Louisiana in 1983, Fat Tuesday has grown significantly to become the largest off-premise and take-away specialty beverage business in the US specializing in frozen drinks. Over its nearly 40-year history, the Company has grown organically from a local, New Orleans family-owned business to become an international retailer of specialty beverages. Garnett Station Partners acquired Fat Tuesday in April 2021. For more information, please visit https://fattuesday.com/.
About Garnett Station Partners
Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane that manages over $1 billion of assets. Garnett Station seeks to partner with experienced and entrepreneurial management teams and strategic investors to build value for its portfolio of growth platforms. The firm draws on its global relationships, operational experience, and rigorous diligence process to source, underwrite and manage investments. Core sectors include food & beverage, health & wellness, automotive and business services. Garnett Station’s culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability. For more information, please visit www.garnettstation.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 $8 billion. Today, Comvest has over $7.6 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:
Dan Lee, Partner, Comvest Credit Partners – firstname.lastname@example.org
Nick McClelland, Managing Director, Comvest Credit Partners – email@example.com