Comvest Credit Partners, a provider of direct financing solutions to middle-market companies, acted as administrative agent and sole lender on an $85 million senior secured credit facility to support the acquisition of Seatex, a formulator, manufacturer and provider of specialty chemicals and chemical technology solutions, by The Riverside Company.
“Comvest Credit continues to focus on investing in well-positioned industrial businesses with strong value propositions and defensible market share,” Chris O’Donnell, a managing director and co-head of industrials at Comvest Credit, said. “Seatex is a long-tenured company that serves a diversified blue-chip customer base with value-added chemical manufacturing capabilities companies typically do not have in house. Additionally, Seatex has the backing of a private equity sponsor with experience in the specialty chemicals sector.”
“We had a terrific experience working with the Comvest Credit team,” Craig Kahler, a partner of Riverside, said. “They delivered a customized facility on a tight timeline that supported our acquisition and responded to Seatex’s need for flexibility and desired capacity for future growth.”
