Comvest Credit Partners, a provider of flexible direct financing solutions to middle-market companies, acted as administrative agent on an upsized $218 million senior secured credit facility for Purchasing Power, an Atlanta-based provider of voluntary employee benefits. The financing marks the third upsize Comvest has supported for Purchasing Power since 2016, and will be used to refinance existing debt, provide a dividend to investors and support continued business growth.
“Purchasing Power is a market leader in the voluntary benefits and e-commerce industries with more than two decades of proven financial performance, strong customer retention and consistent customer growth,” Jason Gelberd, partner, chief operating officer and co-head of direct lending at Comvest, said. “Comvest is pleased to have served as Purchasing Power’s primary credit financing provider since 2016. Amending and upsizing the Purchasing Power credit facility reflects our belief in the company’s continued growth and in its sponsor, Flexpoint Ford.”
“Comvest Credit Partners has been a responsive provider of creative credit solutions,” Ron Oertell, the chief financial officer of Purchasing Power, said. “The Comvest team has provided flexible support through a range of market conditions over the past eight years along with increasing facility sizes to support the growth of our business during an exciting period of expansion and innovation.”
