Comvest Credit Partners, a provider of flexible financing solutions to middle-market companies, acted as administrative agent in providing a $40 million senior secured credit facility to Horsepower Financial and its affiliates. Horsepower, an OH-based provider of consumer motorcycle leasing services, will use the financing to fund working capital needs and business growth initiatives.
Founded in 2009, Horsepower is a specialty consumer leasing business focused on the pre-owned Harley-Davidson motorcycle market. With a mission to “afford everyone access to the Harley Lifestyle”, Horsepower provides custom leases to consumers through partnerships with authorized Harley-Davidson dealers throughout the United States.
“Comvest is pleased to provide Horsepower with a creative financing solution to support the company’s growth plans,” Tim Kim, managing director at Comvest, said. “We are excited to have the opportunity to once again work with Horsepower’s exceptional leadership team, including Chris Garrido and Laura Middendorf. We provided a similar credit facility for a consumer finance company they led prior to joining Horsepower and look forward to continuing to build upon our relationship.”
“Comvest brings a highly nuanced knowledge of specialty finance and very specific experience structuring credit facilities for rapidly growing consumer finance businesses like Horsepower,” Chris Garrido, CEO of Horsepower, said. “Comvest’s expertise in consumer specialty finance and the pre-owned Harley-Davidson market, along with its history of being a constructive and trustworthy partner, were big factors in our choice of a financing provider.”
