Comvest Partners, through its Comvest Capital lending platform, and Crystal Financial, a provider of debt capital solutions to middle-market businesses, acted as co-agents in providing a term loan to Crest Financial.
Founded in 2005, Crest helps consumers who have no access to traditional credit with lease financing to purchase retail items. Crest provides instant in-store leasing across 46 states with over 4,000 retailers.
“We are excited about the partnership with Comvest and Crystal. They were able to structure a customized financing solution that allows us to dramatically accelerate our growth,” said Bob Millerberg, chief executive officer and co-founder of Crest.
“We are pleased to provide this credit facility to Crest. They are well positioned for the future and we are excited to be part of their continued growth and success,” said Jason Gelberd, managing director at Comvest.
Steve Migliero, senior managing director at Crystal, commented, “Crest is delivering an important service to retailers and their customers who need a leasing solution instead of credit. Bob and his management team have built a terrific organization and we look forward to being an important partner in the business.”