West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, is pleased to announce that it has led the refinancing of SMART Financial (“SMART”, or the “Company”), an Orlando, Fla.-based pawn store operator. Comvest acted as Administrative Agent and Sole Lender in providing SMART a $68 million senior secured credit facility, which the Company will use to refinance existing debt and fund further growth of the business. SMART has been a company in Comvest’s direct lending portfolio since 2016.
SMART operates a network of independent pawn stores in the United States and Canada. With nearly 90 locations and six unique brands, SMART is the third largest pawn chain in North America.
“This transaction reflects Comvest’s ability to provide substantial ongoing debt financing support to our portfolio companies,” said Jason Gelberd, Partner, Co-Head of Direct Lending, at Comvest. “The SMART management team has built a strong platform with a demonstrated performance record. Comvest is please to have successfully supported varying phases of SMART’s growth these past five years and now to provide an additional credit solution tailored to management’s expansion goals. We look forward to continuing to build upon our long-term relationship with the company.”
About SMART Financial
SMART Financial offers non-recourse, fully collateralized pawn loans and a wide variety of retail merchandise through stores across North America. For more information, please visit www.smartfinancialent.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 https://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