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 and is the Sole Lender on a senior secured credit facility (the “Financing”) to support the acquisition of TFS, Ltd. (“TFS”), by Southfield Capital.
TFS is a leading independent provider of turnkey fleet management services for material handling assets such as forklifts and automated guided vehicles, serving Fortune 1000 and large manufacturing and distribution companies throughout North America. TFS also originates financing and leasing solutions through its subsidiary, OnPoint Capital. Based in Perrysburg, Ohio, TFS services more than 100 customers with over 35,000 total assets under management across over 2,100 sites.
“TFS occupies a growing segment of the materials handling market, offering critical value-added services to a deeply rooted customer base,” said Joe Higginbotham, a Managing Director at Comvest. “Comvest was pleased to leverage our sector and specialty finance expertise to structure a supportive facility for the acquisition. We look forward to continuing to build our relationship with Southfield Capital, which brings deep knowledge of the management team and the business as a previous investor in the company.”
“We had a terrific experience working with Comvest,” said Andy Cook, a Partner of Southfield Capital. “Comvest delivered a complete financing solution that enabled us to move quickly to execute a complex M&A transaction involving a corporate carve-out. We look forward to supporting TFS as the company continues to deliver excellent outcomes for customers while growing and expanding its service offering.”
About TFS
TFS is a brand-independent provider of turnkey fleet management services for Fortune 1000 companies and large manufacturing and distribution companies throughout North America. For more information, please visit https://tfsglobal.com/.
About Southfield Capital
Southfield Capital is a private equity firm that invests in high-growth, lower middle market companies in the outsourced business services sector. The firm targets companies with $4 – 15 million in EBITDA and partners with management to scale the business through a combination of organic and acquisition growth strategies. For more information, please visit https://www.southfieldcapital.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, with credit facilities up to $250 million-plus. For more information, please visit comvest.com/direct-lending.
About Comvest Partners
Comvest Partners 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 $12.3 billion in assets, and has invested over $12.8 billion since inception. Based in West Palm Beach, Comvest also maintains offices in Chicago and New York. For more information, please visit comvest.com.