WEST PALM BEACH, Fla., October 15, 2019 (GLOBE NEWSWIRE) – Comvest Credit Partners (“Comvest”) acted as administrative agent and joint principal arranger under a senior credit facility ( the “Funding”) to support New State Capital Recapitalization by Partners (“New State”) of Global Holdings Acquisition, LLC. (“Global Holdings” or the “Company”).
“Comvest has proven to be an excellent loan partner with deep expertise in the debt settlement industry,” said John Beauclair, Senior Director at New State.
“As the Company’s existing lender since 2018, we are delighted to expand our relationship with the Company and New State. Global Holdings continues to emphasize the importance of customer relationships, which has resulted in high levels of recurring revenue and long-standing relationships with its customers, ”said Tim Kim, vice president of Comvest.
Global Holdings, founded in 2003, is the leading account and payment processing provider dedicated to the consumer debt settlement industry, serving each of the leading consumer debt settlement firms in the United States. For more information, please visit their website.
About New State Capital Partners:
New State Capital Partners LLC is an entrepreneurial-minded private equity firm that strives to be more nimble, more decisive, and more cooperative than large institutional firms. New State prides itself on a long-term perspective, approaching each potential investment as an opportunity to build lasting and valuable relationships, rather than as an exercise in meeting rigid investment criteria. The company is very flexible in the structure of its investment and focuses on growth and complementary investment. New State is looking to invest in market-leading companies with EBITDA of $ 8-30 million in business services, industrial services, consumer services, and healthcare services. New State can commit over $ 50 million in equity per transaction through New State Capital Partners II, LP. New State and its subsidiaries have invested in 22 companies to date. For more information visit website.
About Comvest Credit Partners:
Comvest is focused on providing flexible financing solutions to mid-market companies. Comvest provides senior secured, unitranche, second-tier and mezzanine capital to sponsored and unsponsored companies in support of growth, acquisitions, buyouts, refinances and recapitalizations. Credit facilities typically range from $ 25 million to $ 200 million for businesses with revenues over $ 20 million. Comvest has offices located in West Palm Beach, Chicago, Los Angeles and New York. For more information, please visit website.
About Comvest partners:
Comvest Partners is a private equity firm providing equity and debt to mid-market companies across the United States. Since its inception in 2000, Comvest has invested over $ 4.5 billion. Today, Comvest Partner funds have more than $ 3.3 billion in assets under management. With vast capital resources and an extensive industrial relations network, Comvest Partners provides companies with financial sponsorship, essential strategic and operational support and business development assistance. For more information, please visit website.