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 new $120 million senior secured credit facility (the “Financing”) to Purchasing Power. The transaction, with institutional alternative management firm Crestline Investors, marks a continuation of Comvest’s support of the Atlanta-based voluntary benefits provider of employee purchase programs. Purchasing Power has been part of Comvest’s direct lending portfolio since it was acquired by private equity investment firm Flexpoint Ford in 2016. The Financing was used to refinance existing debt, provide a dividend to existing investors, and fund ongoing growth of the business.
Founded in 2001, Purchasing Power offers a leading employee purchase program for consumer products and services, and financial tools and resources to improve employee financial wellness. Purchasing Power serves Fortune 500 companies, associations, and government agencies, giving millions of employees immediate access to products and services, with no interest, fees, or credit checks. Purchasing Power sells thousands of top brands that span numerous consumer-oriented product categories such as electronics, computers, furniture, and appliances.
“Purchasing Power is a proven market leader whose history and extensive roster of corporate relationships coupled with its catalogue offering provide financial flexibility for employees and serve as a valuable benefits offering for employers,” said Jason Gelberd, Partner, Co-Head of Direct Lending, at Comvest. “Comvest is pleased to have served as Purchasing Power’s primary credit financing provider for the last six years, delivering tailored solutions for a variety of capital needs, including the company’s acquisition by Flexpoint Ford, the refinancing of existing facilities, and growth capital.”
“Comvest drew upon our extensive experience in the financial services and e-commerce industries to develop a flexible capital solution tailored to Purchasing Power’s unique needs for operations and growth,” said Scott Soracoe, Principal, at Comvest. “We look forward to continuing our longstanding relationships with company leadership and Flexpoint Ford to support Purchasing Power’s continued success.”
“The flexible financing structure enables Purchasing Power to continue to expand its core product offering, invest in new solutions for its customers and have undrawn capital in reserve,” said Ron Oertell, CFO of Purchasing Power. “Comvest and Crestline proved great partners in this transaction, and we look forward to working with them again in the future.”
About Purchasing Power
Purchasing Power is an Atlanta-based voluntary benefit company celebrating more than 20 years as the leading employee purchase program for consumer products and services through payroll deduction. Helping employees achieve financial flexibility, Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies. For more information, visit https://corp.purchasingpower.com
About Crestline Investors
Crestline Investors, Inc., founded in 1997 and based in Fort Worth, Texas, is an institutional alternative investment management firm. Crestline specializes in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. In addition, the firm manages a multi-PM equity market-neutral hedge fund and provides beta and hedging solutions for institutional clients. The company maintains affiliate offices in New York, London, Toronto and Tokyo. Further information is available at www.crestlineinvestors.com
About Flexpoint Ford
Flexpoint Ford is a private equity investment firm that has approximately $5.87 billion of regulatory assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm’s formation in 2005, Flexpoint Ford has completed investments across a broad range of investment sizes, structures and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois, with additional offices in New York, New York. For more information, visit www.flexpointford.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 $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