Comvest Credit Partners Announces New $120 Million Investment In Purchasing Power
07/07/22, 9:00 AM
Location
west palm beachMoney raised
$120 million
Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, has acted as Administrative Agent in providing a new $120 million senior secured credit facility (the “Financing”) to Purchasing Power. The transaction, with institutional alternative management firm Crestline Investors, marks a continuation of Comvest’s support of the Atlanta-based voluntary benefits provider of employee purchase programs. Purchasing Power has been part of Comvest’s direct lending portfolio since it was acquired by private equity investment firm Flexpoint Ford in 2016. The Financing was used to refinance existing debt, provide a dividend to existing investors, and fund ongoing growth of the business.
Company Info
Location
west palm beach, florida, united states
Additional Info
In addition, the firm manages a multi-PM equity market-neutral hedge fund and provides beta and hedging solutions for institutional clients. The company maintains affiliate offices in New York, London, Toronto and Tokyo. “The flexible financing structure enables Purchasing Power to continue to expand its core product offering, invest in new solutions for its customers and have undrawn capital in reserve,” said Ron Oertell, CFO of Purchasing Power. “Purchasing Power is a proven market leader whose history and extensive roster of corporate relationships coupled with its catalogue offering provide financial flexibility for employees and serve as a valuable benefits offering for employers,” said Jason Gelberd, Partner, Co-Head of Direct Lending, at Comvest. Helping employees achieve financial flexibility, Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies.