West Palm Beach, Fla. – Comvest Credit Partners (“Comvest Credit”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Administrative Agent and is the Sole Lender on an $85 million senior secured credit facility to support the acquisition of Seatex by The Riverside Company (“Riverside”).
Seatex is a leading formulator, manufacturer and provider of specialty chemicals and chemical technology solutions to a diverse set of end markets. Its capabilities encompass virtually every aspect of chemical solutions, from process development and formulation support to specialty blending, grinding and milling, and complex reactions. Seatex serves customers ranging from startups to Fortune 100 businesses, supporting products available in liquid, powder, solids and portion control packages. Founded in 1967, Seatex maintains headquarters in Rosenberg, Texas, along with two additional manufacturing facilities.
“Comvest Credit continues to focus on investing in well-positioned industrial businesses with strong value propositions and defensible market share,” said Chris O’Donnell, a Managing Director and Co-Head of Industrials at Comvest Credit. “Seatex is a long-tenured company that serves a diversified blue-chip customer base with value-added chemical manufacturing capabilities companies typically do not have in house. Additionally, Seatex has the backing of a private equity sponsor with experience in the specialty chemicals sector.”
“We had a terrific experience working with the Comvest Credit team. They delivered a customized facility on a tight timeline that supported our acquisition and responded to Seatex’s need for flexibility and desired capacity for future growth,” said Craig Kahler, a Partner of Riverside.
About Seatex
Seatex is a chemical manufacturer that provides a range of services for specialty chemicals to a variety of industries, including construction, food and beverage, coatings, adhesives, sealants, elastomers, household, industrial, and institutional cleaning, lubricants, and metalworking. For more information, please visit https://seatexcorp.com/.
About Comvest Credit Partners
Comvest Credit Partners (“Comvest Credit”), the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations, with credit facilities up to $300 million-plus. For more information, please visit comvest.com/direct-lending.
About Comvest Partners
Comvest Partners (“Comvest”) is a 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 along with deep industry expertise, operating resources, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages $12.9 billion in assets, and has invested over $14.4 billion since inception. Comvest is based in West Palm Beach, with offices in Chicago and New York City. For more information, please visit comvest.com.