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 on a $185 million senior secured credit facility (the “Financing”) for Firebirds Wood Fired Grill (“Firebirds”, or the “Company”), a Charlotte-based restaurant chain operator. The Financing will support the acquisition of the Company by private equity firm Garnett Station Partners and fund ongoing business growth.
Founded in 2000, Firebirds is a leading polished-casual dining chain with 56 locations across 20 states nationwide. Inspired by the tradition of live fire cooking in the West, Firebirds features steaks, seafood and cocktails in an upscale fire-centric lodge-like setting. Firebirds was named the 2022 Diners’ Choice Winner awarded by OpenTable.
“Firebirds is an established, high-performing and fast-growing brand in the casual dining sector,” said Dan Lee, a Partner at Comvest. “As a committed and active credit investor in leading niche restaurant concepts, Comvest was pleased to deliver a sizable financing solution in support of Firebird’s continued expansion.”
“We look forward to working again with Garnett Station Partners, an experienced, restaurant-focused private equity sponsor with a demonstrated record in the restaurant space,” said Nick McClelland, a Managing Director at Comvest.
“Firebirds is one of several successful restaurant transactions that Garnett Station Partners has closed with Comvest in the past few years,” said Howard Norowitz, Partner, at Garnett Station Partners. “Our partnership with Comvest stems from their deep sector knowledge and their ability to deliver responsive direct financing solutions under tight timelines and with the certainty of closure.”
About Firebirds Wood Fired Grill
Firebirds Wood Fired Grill, a polished casual American restaurant, is an energetic twist on the traditional grill featuring a boldly flavored menu in a stylish, fire-centric atmosphere. For more information, please visit: www.firebirdsinternational.com.
About Garnett Station Partners
Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane that manages ~$2 billion of assets. Garnett Station partners with experienced and entrepreneurial management teams and strategic investors to build value for its portfolio of growth platforms. For more information, please visit www.garnettstation.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 $8.9 billion in assets, and has invested over $9.9 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.