West Palm Beach, FL – March, 2015 – Comvest Partners, through its Comvest Capital lending platform, (“Comvest”), has provided a term loan to Spring Insurance Solutions, LLC (“Spring”), a wholly-owned subsidiary of Kansas City-based Spring Venture Group, which operates as an insurance broker for predominately Medicare Supplement insurance products with approximately 23,000 policies in force. The Comvest facility provides up to $25.0 million in capital available to Spring, which includes a $10.0 million uncommitted accordion facility. Proceeds from the Comvest investment were used primarily to retire existing debt and fund working capital associated with growth of the Company.
“We are excited about the partnership with Comvest. They were able to structure an investment that allows us to dramatically accelerate our growth,” said Spring’s Chief Executive Officer, Chris Giuliani. “We are pleased to provide this credit facility to Spring. They are well positioned for the future and we’re excited to be part of their continued growth and success,” said Jason Gelberd, Managing Director at Comvest.
About Spring Insurance Solutions:
Spring is an independent Medicare Supplement insurance agency that represents top-rated Medicare Supplement insurance carriers. Spring’s staff of licensed experts is highly trained in all aspects of Medicare and makes the process easy for seniors to enroll in the best plan to meet their needs. Spring’s advanced technology allows customers to easily and conveniently compare Medicare Supplement rates from over 20 top Medicare Supplement insurance companies instantly over the phone. Spring is backed by Kansas City-based Five Elms Capital. To learn more about Spring, please visit: www.springventuregroup.com.
About Comvest Partners:
Comvest Partners, with $2.1 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 $1.7 billion of capital in over 135 public and private companies. Please visit www.comvest.com.
For more information:
Louis Colosimo, Comvest – (212) 829-5880, email@example.com
Jason Gelberd, Comvest – (561) 727- 1860, firstname.lastname@example.org