WEST PALM BEACH, Fla.–(BUSINESS WIRE)–Comvest Credit Partners, a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Administrative Agent and is the sole lender on a senior secured credit facility (the “Financing”) for Wheeler Fleet Solutions (“Wheeler” or the “Company”), a leading aftermarket truck parts distribution company based in Somerset, Pa. The Financing supported the acquisition of the Company from VSE Corporation (NASDAQ: VSEC) by private equity firm One Equity Partners.
Founded in 1960, Wheeler provides replacement parts and engineering solutions to the medium and heavy-duty fleet market, offering a complete line of products along with inventory management, e-commerce fulfillment, logistics, supply chain support and other aftermarket services. Wheeler operates distribution centers in Pennsylvania, Mississippi and Texas.
“Wheeler is an established, long-tenured brand with strong performance in an attractive niche market with recurrent customer demand for parts and services,” said Bryce Peterson, a Managing Director of Comvest Credit Partners. “Our credit strategy continues to invest in well-positioned middle-market companies in the industrials vertical, one of our targeted industries of firm expertise.”
“We are pleased to complete another transaction with One Equity Partners, which has also built a deep industrials investment practice. We look forward to working with the team in support of the acquisition and Wheeler’s continued growth,” said Tom Goila, Partner and Head of Originations at Comvest Credit Partners.
“We are appreciative of Comvest Credit Partners’ ability to move quickly in their diligence and investment decision, bringing a certainty to the transaction process that contributed to our acquisition’s successful close,” said Steve Lunau, Partner at One Equity Partners.
