Comvest Credit Partners Announces New $120 Million

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WEST PALM BEACH, Fla., July 07 11, 2022 (GLOBE NEWSWIRE) — Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle market companies, acted as administrative agent in providing a new $120 million loan. dollars senior secured credit facility (the “Funding”) to Purchasing Power. The transaction, with institutional hedge fund Crestline Investors, marks Comvest’s continued support of the Atlanta-based voluntary benefits provider for employee purchase programs. Purchasing Power has been part of Comvest’s direct lending portfolio since its acquisition by private equity investment firm Flexpoint Ford in 2016. The funding was used to refinance existing debt, pay a dividend to existing investors and fund growth business continuity.

Founded in 2001, Purchasing Power provides a leading employee purchasing program for consumer products and services, as well as financial tools and resources to improve employee financial well-being. Purchasing Power serves Fortune 500 companies, associations and government agencies, providing millions of employees with immediate access to products and services without interest, fees or credit checks. Purchasing Power sells thousands of major brands spanning many consumer product categories, such as electronics, computers, furniture and appliances.

“Purchasing Power is a proven market leader whose history and extensive list of corporate relationships coupled with its catalog offering provide financial flexibility for employees and provide valuable benefits for employers,” said Jason. Gelberd, Partner, Co-Head of Direct Lending, Comvest. “Comvest is delighted to have been Purchasing Power’s primary credit financing provider for the past six years, providing tailored solutions for a variety of capital needs, including the company’s acquisition by Flexpoint Ford, refinancing of existing facilities and growth capital.

“Comvest has leveraged its extensive experience in the financial services and e-commerce industries to develop a flexible capital solution tailored to Purchasing Power’s unique operating and growth needs,” said Scott Soracoe, Director at Combest. “We look forward to continuing our longstanding relationship with company management and Flexpoint Ford to support the continued success of Purchasing Power.”

“The flexible funding structure allows Purchasing Power to continue to expand its core product offerings, invest in new solutions for its customers and have unused capital in reserve,” said Ron Oertell, chief financial officer of Purchasing Power. Purchasing Power. “Comvest and Crestline have proven to be great partners in this transaction, and we look forward to working with them again in the future. »

About purchasing power
Purchasing Power is an Atlanta-based employee benefits company celebrating more than 20 years as the leading employee purchasing program for consumer products and services through payroll deductions. By helping employees achieve financial flexibility, purchasing power is available to millions of people through large corporations, including Fortune 500 companies, associations, and government agencies. For more information visit https://corp.purchasingpower.com

About Crestline Investors
Crestline Investors, Inc., founded in 1997 and based in Fort Worth, Texas, is an institutional alternative investment management company. Crestline specializes in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. In addition, the firm operates a multi-PM market-neutral hedge fund and provides beta and hedging solutions to institutional clients. The company has affiliate offices in New York, London, Toronto and Tokyo. Further information is available at www.crestlineinvestors.com

About Flexpoint Ford
Flexpoint Ford is a private equity investment firm that manages approximately $5.87 billion in regulatory assets and specializes in privately negotiated investments in the financial services and healthcare sectors. Since the company’s inception in 2005, Flexpoint Ford has made investments across a wide range of sizes, structures and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois, with additional offices in New York, New York. For more information, visit www.flexpointford.com.

About Comvest Credit Partners
Comvest Credit Partners is focused on providing flexible financing solutions to middle market businesses. Comvest provides senior secured, unitranche, junior and mezzanine capital to sponsored and non-sponsored companies to support growth, acquisitions, buyouts, refinancings and recapitalizations. Credit facilities typically range from $25 million to $250 million and more for companies with revenues over $20 million. Comvest has offices located in West Palm Beach, Chicago and New York. For more information, visit www.comvest.com/direct-lending

About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle market companies across the United States. Since its inception in 2000, Comvest has invested over $8 billion. Today, Comvest has over $7.6 billion in assets under management. With significant capital resources and an extensive network of industry relationships, Comvest Partners provides companies with financial sponsorship, critical strategic and operational support, and business development assistance. For more information, visit www.comvest.com

For more information please contact:
Jason Gelberd, Partner, Co-Head of Direct Lending, Comvest Credit Partners – [email protected]

Scott Soracoe, Director, Comvest Credit Partners – [email protected]

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