Comvest Credit Partners, a provider of flexible financing solutions to middle-market companies, acted as administrative agent in providing a senior secured credit facility to Saatva, a direct-to-consumer online retailer of luxury mattresses and sleep products. The financing was used to support a dividend recapitalization of the company by Saatva management and TZP Group, a private equity firm.
Founded in 2010, Saatva is a provider of premium mattress and bedding products.
“Comvest is pleased to provide financing support to Saatva, the leading brand in the DTC mattress space,” Nick McClelland, managing director at Comvest, said. “Since its inception, Saatva has achieved strong and consistent growth — all without incurring any debt, which is remarkable for a consumer products business with substantial manufacturing and fulfillment operations.”
“In structuring a tailored financing solution, Comvest brought Saatva our extensive investment experience in the e-commerce DTC home products sector, where consumers are increasingly comfortable buying before trying,” Tom Goila, partner at Comvest, said. “We believe Saatva remains poised for continued robust growth and look forward to building our relationship with TZP Group.”
