Comvest Credit Partners leads the refinancing of SMART
WEST PALM BEACH, Fla., June 08, 2022 (GLOBE NEWSWIRE) — Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions for middle market businesses, is pleased to announce that it led the refinancing of SMART Financial (“SMART” or the “Company”), an Orlando, Florida-based pawnbroker. Comvest acted as administrative agent and sole lender in providing SMART with a $68 million senior secured credit facility, which the company will use to refinance existing debt and fund future business growth. SMART has been part of Comvest’s direct lending portfolio since 2016.
SMART operates a network of independent pawnbrokers in the United States and Canada. With nearly 90 locations and six unique brands, SMART is the third largest pawnshop chain in North America.
“This transaction reflects Comvest’s ability to provide substantial and ongoing debt financing support to our portfolio companies,” said Jason Gelberd, Partner, Co-Head of Direct Lending at Comvest. “SMART’s management team has built a strong platform with a proven performance record. Comvest is pleased to have successfully supported SMART’s various growth phases over the past five years and now provide a credit solution tailored to management’s expansion goals. We look forward to continuing to strengthen our long-term relationship with the company.”
About SMART Financial
SMART Financial offers non-recourse, fully-secured pawnbrokers and a wide variety of retail merchandise in stores across North America. For more information, visit www.smartfinancialent.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, please visit https://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]