Comvest Credit Partners Provides $153 Million Senior Credit Facility For Dividend and Growth Capital to Pro Food Solutions
23 Julio 2024 - 6:30AM
Business Wire
Comvest Credit Partners (“Comvest”), a leading provider of
flexible direct financing solutions to middle-market companies, is
pleased to announce that it is acting as Administrative Agent and
is the Sole Lender on a $153 million senior secured credit facility
(the “Financing”) for Pro Food Solutions (“Pro Food”, or the
“Company”), a Richmond, Calif.-based distributor and supplier of
food products to the U.S. military market. The Financing supports a
dividend recapitalization of the business, as well as organic and
acquisitive growth. Pro Food is a portfolio company of IMB
Partners.
Pro Food sources, brands and distributes a broad portfolio of
proprietary and national brand food products to the military and
their families at bases, deployed aircraft carriers and
commissaries worldwide. The Company represents food categories
including beef, pork, poultry, vegetables, seafood, dairy and
snacks.
“Pro Food is a unique business that has differentiated itself by
providing quality products and high-touch service to a
geographically dispersed customer base,” said Kamau Hixon, a
Principal at Comvest. “Comvest was pleased to provide a complete
and flexible financing solution that includes both a dividend and
growth capital to support Pro Food’s strategic goals. We look
forward to working alongside IMB Partners, which has deep expertise
in the government contracting market.”
“The Comvest team was quick to understand a complicated industry
and a complex deal,” said Tarrus Richardson, founder and CEO of IMB
Partners. “They moved with efficiency and thoughtfulness in
delivering a one-stop financing package that best positions Pro
Food to respond to ever-shifting military needs while pursuing its
business-building and expansion initiatives.”
About Pro Food Solutions
Pro Food Solutions is a global food company and leading supplier
to the U.S. Military worldwide. For more information, visit
https://profoodsolutions.com.
About IMB Partners
Founded in 2010, IMB is a private equity sponsor focused on
investing and partnering with management teams to grow lower middle
market companies serving government agencies and electric and gas
utilities. IMB believes that diversity is an asset and takes an
entrepreneurial approach to building companies of scale. IMB seeks
platform investment targets with $10-$250 million in revenue. For
more information, imbpartners.com.
About Comvest Credit Partners
Comvest Credit Partners, the direct lending platform of Comvest
Partners, focuses on providing flexible financing solutions to
middle-market companies. Comvest Credit Partners provides senior
secured, unitranche, and second lien capital to sponsored and
non-sponsored companies in support of growth, acquisitions,
buyouts, refinancings, and recapitalizations, with credit
facilities up to $250 million-plus. For more information, please
visit comvest.com/direct-lending.
About Comvest Partners
Comvest Partners is an operationally focused private investment
firm that has provided equity and debt capital to well-positioned
middle-market companies throughout North America since 2000.
Through its private equity, direct lending and special
opportunities investment platforms, Comvest offers tailored
investment solutions across the capital structure, deep industry
and operating expertise, a collaborative approach, and significant
transaction experience as an active investor. Today, Comvest
manages $12.3 billion in assets, and has invested over $12.8
billion since inception. Based in West Palm Beach, Comvest also
maintains offices in Chicago and New York. For more information,
please visit comvest.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240722844619/en/
Kamau Hixon, Principal, Comvest Credit Partners –
k.hixon@comvest.com Tom Goila, Partner, Comvest Credit Partners –
t.goila@comvest.com