Comvest Credit Partners, as administrative agent, provided a $175 million senior secured credit facility to Raven Engineered Films, a Sioux Falls, SD-based specialty plastics manufacturer. The financing was used to support the acquisition of Raven in a corporate carve-out from CNH Industrial by Industrial Opportunity Partners (IOP), a private equity firm.
Founded in 1956, Raven is a provider and installer of highly engineered polymer protective sheeting products used in a variety of agriculture, construction, geomembrane and industrial applications in major markets worldwide. Raven produces covers, liners, films and other products for critical resource protection needs that require precise custom fabrications.
“Raven is a highly regarded company in the engineered films market,” Greg Reynolds, partner, co-head of Direct Lending, at Comvest, said. “Comvest was pleased to work alongside management and IOP to deliver a flexible, needs-responsive and comprehensive debt financing solution on a compressed timeline.”
“In addition to our deep industrials sector expertise, this transaction demonstrates Comvest’s ability as a single-source provider of significant credit facilities to middle-market North American manufacturers with attractive growth prospects,” Dan Lee, partner, at Comvest, said. “We believe Raven remains poised for continued strong growth and look forward to working with management and to building our relationship with IOP.”
