Comvest Credit Partners acted as administrative agent and sole lender for a C$30 million ($23.14 million) delayed draw term loan facility to Merchant Advance Capital, a provider of alternative financing solutions to small businesses in Canada.
The proceeds of the facility were used to refinance existing debt and provide growth capital.
“We’re thrilled to have the support of Comvest in our journey to provide convenient access to working capital for Canadian small businesses. In addition to providing us with a significant quantity of institutional capital, Comvest has an incredibly deep understanding of our space, making them an ideal long-term financial partner as we continue to build out our business,” said David Gens, CEO of Merchant Advance Capital.
“Merchant has built an impressive platform with a strong reputation across Canada. We are excited to partner with the Company and look forward to supporting their growth initiatives in the years to come,” said Jason Gelberd, partner at Comvest.
