Comvest Credit Partners Provides Financing to Support Acquisition of TFS
31 July 2024 - 12:30PM
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 senior secured credit facility (the
“Financing”) to support the acquisition of TFS, Ltd. (“TFS”), by
Southfield Capital.
TFS is a leading independent provider of turnkey fleet
management services for material handling assets such as forklifts
and automated guided vehicles, serving Fortune 1000 and large
manufacturing and distribution companies throughout North America.
TFS also originates financing and leasing solutions through its
subsidiary, OnPoint Capital. Based in Perrysburg, Ohio, TFS
services more than 100 customers with over 35,000 total assets
under management across over 2,100 sites.
“TFS occupies a growing segment of the materials handling
market, offering critical value-added services to a deeply rooted
customer base,” said Joe Higginbotham, a Managing Director at
Comvest. “Comvest was pleased to leverage our sector and specialty
finance expertise to structure a supportive facility for the
acquisition. We look forward to continuing to build our
relationship with Southfield Capital, which brings deep knowledge
of the management team and the business as a previous investor in
the company.”
“We had a terrific experience working with Comvest,” said Andy
Cook, a Partner of Southfield Capital. “Comvest delivered a
complete financing solution that enabled us to move quickly to
execute a complex M&A transaction involving a corporate
carve-out. We look forward to supporting TFS as the company
continues to deliver excellent outcomes for customers while growing
and expanding its service offering.”
About TFS
TFS is a brand-independent provider of turnkey fleet management
services for Fortune 1000 companies and large manufacturing and
distribution companies throughout North America. For more
information, please visit www.tfsglobal.com.
About Southfield Capital
Southfield Capital is a private equity firm that invests in
high-growth, lower middle market companies in the outsourced
business services sector. The firm targets companies with $4 – 15
million in EBITDA and partners with management to scale the
business through a combination of organic and acquisition growth
strategies. For more information, please visit
www.southfieldcapital.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 a 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 along with deep industry expertise, operating resources,
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240730548859/en/
Joe Higginbotham, Managing Director, Comvest Credit Partners –
j.higginbotham@comvest.com Jack Wyatt, Vice President, Comvest
Credit Partners – j.wyatt@comvest.com