Comvest Credit Partners, known for delivering flexible direct financing solutions to mid-market businesses, has announced its designation as Administrative Agent on an increased $635m senior credit facility for Beyond Finance. Beyond Finance operates out of the U.S., specialising in success fee-based debt resolution services.
The current investment represents the seventh instance Comvest has come forward to support Beyond Finance. Their professional relationship commenced in 2019 when Beyond Finance became a part of Comvest’s Direct Lending portfolio. The fresh injection of capital will be channelled towards Beyond Finance’s consistent operations and future growth aspirations.
Starting its journey in 2016, Beyond Finance has risen as a heavyweight in the debt resolution arena. They cater to specific consumer needs, creating customised debt reduction schemes that guide consumers through consolidation and resolution of debts.
Comvest’s Tim Kim, a Managing Director and Head of Specialty Finance, stated, “This transaction illustrates Comvest’s ability to significantly increase our transaction sizes in lockstep with our portfolio companies’ continuing growth financing needs.” He further added, “Beyond Finance has successfully executed on many key strategic growth initiatives over the past four years. Comvest is pleased to serve as the Company’s long-term debt capital provider and support its achievement of new milestones.”
Expressing his viewpoint, Tim Ho, Chief Executive Officer at Beyond Finance, said, “Comvest’s capital has played a significant role in accelerating the growth of the Beyond Finance platform by allowing us to scale our operations during a dynamic economic environment and with U.S. consumer debt at record highs. The Comvest team is responsive, extremely knowledgeable in the complexities of the debt resolution sector, and creative in delivering us flexible financing solutions that match our growth.”
Sealing the transaction, Pathlight Capital LP assumed the role of Documentation Agent. Moreover, funds stewarded by associates of Fortress Investment Group LLC also joined the transaction as lenders.
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