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 $175 million senior secured credit facility (the “Financing”) to Raven Engineered Films (“Raven”), a Sioux Falls, S.D.-based specialty plastics manufacturer. The Financing was used to support the acquisition of Raven in a corporate carve-out from CNH Industrial (NYSE: CNHI / MI: CNHI) by Industrial Opportunity Partners (IOP), a private equity firm.
Founded in 1956, Raven is a leading provider and installer of highly engineered polymer protective sheeting products used in a variety of agriculture, construction, geomembrane, and industrial applications in major markets worldwide. Raven produces covers, liners, films and other products for critical resource protection needs that require precise custom fabrications.
“Raven is a highly regarded company in the engineered films market,” said Greg Reynolds, Partner, Co-Head of Direct Lending, at Comvest. “Comvest was pleased to work alongside management and IOP to deliver a flexible, needs-responsive and comprehensive debt financing solution on a compressed timeline.”
“In addition to our deep industrials sector expertise, this transaction demonstrates Comvest’s ability as a single-source provider of significant credit facilities to middle-market North American manufacturers with attractive growth prospects,” said Dan Lee, Partner, at Comvest. “We believe Raven remains poised for continued strong growth and look forward to working with management and to building our relationship with IOP.”
About Raven Engineered Films (Raven)
Raven manufactures and supplies highly engineered polymer films and sheeting to major markets throughout the United States and abroad. For more information, please visit https://ravenefd.com
About Industrial Opportunity Partners (IOP)
IOP is an Evanston, Ill.-based private equity firm dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $50 million and $500 million. For more information, please visit www.iopfund.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