West Palm Beach, FL, May, 2012 – The Comvest Group, through its debt fund, Comvest Capital II L.P., has provided a $15,150,000 Term Loan to Primo Water Corporation (“Primo”, Nasdaq: PRMW) as part of a broader refinancing. Primo is a national provider of water dispensers, environmentally responsible bulk bottled water and premier sparkling beverage appliances.
“These new financing arrangements provide Primo with flexibility to execute our growth plans across our product lines,” said Primo CFO Mark Castaneda. “Comvest has been a responsive and flexible partner and we are appreciative of their efforts to meet our capital needs.”
“The management team at Primo has a great track record in founding and growing Blue Rhino Corporation,” said Managing Director Greg Reynolds of Comvest Capital. “We believe this experience ideally positions Primo for continued growth as it becomes the leading provider of water solutions to retailers.”
Primo Water Corporation (“Primo”, Nasdaq: PRMW) is a rapidly growing provider of three- and five-gallon purified bottled water, self-serve filtered drinking water, water dispensers and carbonating beverage appliances sold through major retailers in the United States and Canada. Primo believes the market for purified water is growing due to evolving taste preferences, perceived health benefits and concerns regarding the quality of municipal tap water. Primo’s products provide an environmentally friendly, economical, convenient and healthy solution for consuming purified and filtered water. Primo is a Delaware corporation that was founded in 2004 and is headquartered in Winston-Salem, North Carolina.
The Comvest Group, with $1.2 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.5 billion of capital in over 105 public and private companies.