Comvest Credit Partners, a provider of flexible direct financing solutions to middle-market companies, is acting as administrative agent on a $144 million senior secured credit facility for Sportime Clubs, an operator of tennis and sports clubs in the New York tri-state area. The financing will be used to support the recapitalization of the company and provide capital for business growth.
“Sportime is a premier tennis and sports club operator with a long history of consistent performance and a unique brand from its association with the JMTA, one of the top junior tennis programs in the country,” Nick McClelland, a managing director and co-head of consumer and retail for Comvest Credit, said.
“Comvest Credit is pleased to invest in Sportime’s continued growth through a flexible facility structured to provide immediate capital with runway to support the company’s later capital needs,” David Gibson, a managing director and co-head of consumer and retail for Comvest Credit, said.
“We are excited to build a relationship with Comvest Credit, a leading debt investor in the consumer and retail sector with substantial experience in numerous multi-unit retail categories,” Claude Okin, CEO of Sportime, said. “Comvest Credit’s financing will help Sportime to continue our growth through the addition of sites and expanded offerings, as we strive to meet the rising demand for recreational and competitive tennis, pickleball and other sports during this exciting period for our company.”
