WEST PALM BEACH, Fla., March 22, 2022 (GLOBE NEWSWIRE) -- Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, has acted as Administrative Agent in providing a $40 million senior secured credit facility (the “Financing”) to Horsepower Financial, LLC (“Horsepower”), and its affiliates. Horsepower, a Lebanon, Ohio-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,” said Tim Kim, Managing Director, at Comvest. “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,” said Chris Garrido, CEO, of Horsepower. “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.”
The transaction extends Comvest’s leadership in the North American specialty finance lending market. Since 2011, Comvest has made approximately 40 specialty finance investments representing nearly $2 billion in capital commitments.
About Horsepower Financial
Horsepower has been a pioneering power sports dealer in Lebanon since 2009. Having completed over 100+ motorcycle dealerships, Horsepower holds a firm reputation for delivering superior quality Harley-Davidson’s motorcycles. The company’s Harley Davidson financing solutions are fully equipped to cater to the ever-demanding needs of the customer. For more information, please visit www.horsepowerfinancial.com
About Comvest Credit Partners
Comvest Credit Partners focuses on providing flexible financing solutions to middle-market companies. Comvest provides senior secured, unitranche, second lien, and mezzanine capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations. Credit facilities typically range from $25 million to $250 million-plus for companies with revenues greater than $20 million. Comvest has offices located in West Palm Beach, Chicago and New York. For more information, please visit www.comvest.com/direct-lending
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $7.7 billion. Today, Comvest has over $6.4 billion of assets under management. Through extensive capital resources and a 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 www.comvest.com
For more information, please contact:
Tim Kim, Managing Director, Comvest Credit Partners – t.kim@comvest.com
