West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Administrative Agent and Sole Lender on a senior secured credit facility for Hoist & Crane Service Group, Inc. (“Hoist & Crane”), a Jefferson, La.-based provider of overhead crane inspection and repair services. The financing will be used to support Hoist & Crane’s partnership with Compass Group Equity Partners (“Compass Group”), a St. Louis-based growth partner. Comvest also made an equity co-investment in the business.
Hoist & Crane is a leading provider of overhead crane inspection, preventative maintenance, and repair services that enable customers to maximize safety, maintain compliance, reduce maintenance costs, and optimize equipment productivity. Hoist & Crane offers a full suite of service capabilities across cranes, hoists, industrial elevators, overhead doors, and dock levelers. The company operates in 15 states across the United States with plans to grow across the South, Midwest, and Pacific Northwest.
“Hoist & Crane is appreciative of Comvest’s speed, financing and support in our plans for growth and our new partnership with Compass Group,” said Hoist & Crane CEO Mathew Ross.
“Comvest was pleased to structure a tailored capital solution to support a strong industrial services company in a stable market sector,” said Joe Higginbotham, a Managing Director at Comvest. “We look forward to continuing our long relationship with Compass Group in support of Hoist & Crane’s continued growth.”
“Hoist & Crane is Compass Group’s seventh direct financing deal with Comvest,” said Patrick Murray, Vice President, at Compass Group. “We truly value Comvest’s approach in consistently facilitating an efficient and successful transaction process, which is why we selected them to help us partner with Hoist & Crane to bring the company’s amazing culture and customer focus to new markets.”
About Hoist & Crane Service Group
For more than 40 years, Hoist & Crane Service Group has been a leader in servicing overhead lifting equipment. Founded in 1976 by brothers Patrick and Terrance Ross, the company has grown to national coverage, employing hundreds of people and servicing thousands of pieces of equipment. For more information, please visit www.hoistcrane.com.
About Compass Group Equity Partners
Compass Group Equity Partners is a St. Louis-based private equity firm with a record of success in partnering with and building lower middle-market companies. Founded in 2015, Compass Group brings a thesis-driven approach and decades of operational, financial, and strategic expertise to aid management teams in accelerating growth for long-term value creation. For more information, please visit www.cgep.com.
About Comvest Credit Partners
Comvest Credit Partners, the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit Partners provides senior secured, unitranche, and second lien 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. For more information, please visit www.comvest.com/direct-lending.
About Comvest Partners
Comvest Partners is an operationally focused private investment firm that has provided equity and debt capital to well-positioned middle-market companies throughout North America since 2000. Through its private equity, direct lending and special opportunities investment platforms, Comvest offers tailored investment solutions across the capital structure, deep industry and operating expertise, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages more than $9.3 billion in assets, and has invested over $11 billion since inception. Based in West Palm Beach, Comvest also maintains offices in Chicago and New York. For more information, please visit www.comvest.com.