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 Saatva (or the “Company”), a leading direct-to-consumer (DTC) online retailer of luxury mattresses and sleep products. The Financing was used to support a dividend recapitalization of the Company by Saatva management and TZP Group, a private equity firm.
Founded in 2010, Saatva has become the nation’s top pure-play e-tailer of premium mattress and bedding products. Saatva offers high-quality mattresses, reasonable prices, short delivery times, and a pleasant, customer-focused shopping experience, which includes a no-pressure home trial. Its line features the Saatva Classic, a dual-coil innerspring mattress with a luxury Euro pillow top. Saatva also sells bed frames and bases, comforters, mattress toppers, pillows, and other sleep products.
“Comvest is pleased to provide financing support to Saatva, the leading brand in the DTC mattress space,” said Nick McClelland, Managing Director, at Comvest. “Since its inception, Saatva has achieved strong and consistent growth — all without incurring any debt, which is remarkable for a consumer products business with substantial manufacturing and fulfillment operations.”
“In structuring a tailored financing solution, Comvest brought Saatva our extensive investment experience in the e-commerce DTC home products sector, where consumers are increasingly comfortable buying before trying,” said Tom Goila, Partner, at Comvest. “We believe Saatva remains poised for continued robust growth and look forward to building our relationship with TZP Group.”
Saatva is a privately held e-commerce company founded in 2010 on the principle that luxury sleep should be available to everyone. The company since expanded its offering beyond luxury mattresses to include luxury bedding, high-end beds and bed frames, and a wide-selection of mattresses in every major category. Saatva is based in New York, N.Y., with a second major office in Austin, Texas. For more information, please visit www.saatva.com
About TZP Group
TZP Group, a multi-strategy private equity firm managing approximately $2 billion across its family of funds, is focused on control, growth equity and structured capital investments in business sectors, technology and consumer companies. For more information, please visit www.tzpgroup.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 more than $7.7 billion. Today, Comvest 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