VANCOUVER, B.C., March 15, 2018 (GLOBE NEWSWIRE) -- Comvest Credit Partners (“Comvest”) acted as Administrative Agent and sole lender for a C$30 million Delayed Draw Term Loan Facility to Merchant Advance Capital (“Merchant” or the “Company”), a provider of alternative financing solutions to small businesses in Canada. The proceeds were used to refinance existing debt and provide growth capital.
“We’re thrilled to have the support of Comvest in our journey to provide convenient access to working capital for Canadian small businesses. In addition to providing us with a significant quantity of institutional capital, Comvest has an incredibly deep understanding of our space, making them an ideal long-term financial partner as we continue to build out our business,” said David Gens, CEO of Merchant Advance Capital.
“Merchant has built an impressive platform with a strong reputation across Canada. We are excited to partner with the Company and look forward to supporting their growth initiatives in the years to come,” said Jason Gelberd, Partner at Comvest.
About Merchant Advance Capital
Merchant Advance Capital is one of Canada’s leading online lenders on a mission to help small- and medium-sized businesses grow. The company relies on technology and data science to reduce risk and offer lower fees and flexible repayment schedules. Founded in 2010, Merchant Advance Capital serves clients throughout Canada and has grown to include offices in Toronto and Vancouver. For more information, visit www.merchantadvance.com.
About Comvest Credit Partners
Comvest Credit Partners is the credit affiliate of Comvest Partners focused on providing flexible financing solutions to middle-market companies with offices in West Palm Beach, Chicago, Los Angeles, and New York. Comvest Credit Partners provide senior secured, unitranche, second lien and mezzanine capital as well as equity co-investments. Comvest Credit Partners lends to sponsored and non-sponsored companies in support of refinancings, growth capital, acquisitions, buyouts, and recapitalizations. Credit facilities typically range from $20 million to $100 million for companies with revenues greater than $20 million. For more information, please visit http://comvest.com/direct-lending
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt to middle-market companies across the U.S. Since its founding in 2000, Comvest Partners has invested over $3.0 billion in over 160 companies. Today, Comvest Partners’ funds have $3.1 billion of assets under management. Through its extensive capital resources and broad network of industry relationships, Comvest Partners offers companies financial sponsorship, critical strategic and operational support, and business development assistance. For more information, please visit http://comvest.com/
For more information:
Alex Chisholm, Merchant Advance Capital - achisholm@merchantadvance.com
Lynsey Skramstad, Merchant Advance Capital - lskramstad@merchantadvance.com
Jason Gelberd, Comvest Credit Partners - j.gelberd@comvest.com