WEST PALM BEACH, Fla., July 07, 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 new $120 million senior secured credit facility (the "Financing") to Purchasing Power. The transaction, with institutional alternative management firm Crestline Investors, marks a continuation of Comvest's support of the Atlanta-based voluntary benefits provider of employee purchase programs. Purchasing Power has been part of Comvest's direct lending portfolio since it was acquired by private equity investment firm Flexpoint Ford in 2016. The Financing was used to refinance existing debt, provide a dividend to existing investors, and fund ongoing growth of the business.
Founded in 2001, Purchasing Power offers a leading employee purchase program for consumer products and services, and financial tools and resources to improve employee financial wellness. Purchasing Power serves Fortune 500 companies, associations, and government agencies, giving millions of employees immediate access to products and services, with no interest, fees, or credit checks. Purchasing Power sells thousands of top brands that span numerous consumer-oriented product categories such as electronics, computers, furniture, and appliances.
"Purchasing Power is a proven market leader whose history and extensive roster of corporate relationships coupled with its catalogue offering provide financial flexibility for employees and serve as a valuable benefits offering for employers," said Jason Gelberd, Partner, Co-Head of Direct Lending, at Comvest. "Comvest is pleased to have served as ...
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