West Palm Beach, Florida, April 10, 2024–(BUSINESS WIRE)–Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to midmarket businesses, announces that it is acting as administrative agent and sole lender for $117. Did. million dollar senior secured credit facility (the “Loan”) to ACT Entertainment (the “Company”), a portfolio company of the investment firm BASE Equity Partners (“BASE”). The financing was used to refinance existing debt and support ACT Entertainment's acquisitions of Spitfire Creative Technologies, a provider of audio and visual equipment and technology, and Ambersphere Solutions, a provider of professional lighting solutions. .
Founded in 1993, ACT Entertainment is a leading manufacturer and value-added distributor of audio and lighting products and equipment to the North American entertainment industry. Its products are used in live shows, concerts, entertainment venues, theaters, and film and television production studios. Clients include some of the highest grossing entertainment tour producers in the US and UK. ACT Entertainment also sells music products and accessories through e-commerce and retail channels.
“ACT Entertainment is uniquely differentiated and has strong momentum in the live events and performance sector, which is experiencing rapid growth in the post-pandemic environment,” said Scott Solakow, Managing Director of Comvest. Stated. “We are pleased to provide creative financing solutions to help ACT Entertainment achieve its growth goals.”
“Comvest is dedicated to fostering strong relationships with a diverse borrower base, including private equity sponsors, independent sponsors such as BASE, and non-sponsored companies,” said Comvest Managing Director. , said Joe Higginbotham. “BASE has extensive experience in the media and entertainment sector and is a long-term investor in ACT Entertainment. We look forward to continuing to work together.”
“Throughout the transaction process, the Comvest team was responsive, patient, and committed to a deep understanding of the business,” said Ben Schneider, co-founder and managing partner of BASE. We now have a customized financing solution that supports our immediate business,” he added. We consider not only capital needs, but also the desired pace of future acquisition growth. ”
About Act Entertainment
ACT Entertainment is a manufacturer and value-added distributor of entertainment lighting, audio, and video technology used in major concert touring and live entertainment venues, film and television studios, theatrical, architectural, and music retail industries throughout North America. . ACT products can be seen at the most high-profile events and venues, including top-10 box office concert tours, the Super Bowl halftime show, and the lighting of the Empire State Building. Founded in 1993 and headquartered in Jackson, Missouri, the company has offices in California, New Jersey, Massachusetts, Ohio, Colorado, Texas, Canada, Mexico and the United Kingdom and has more than 500 employees. For more information, please visit www.actentertainment.com.
BASE Equity Partners
BASE is an independent, operationally oriented investment group based in New York City focused on helping founder-led and family-owned businesses realize their full potential. For more information, please visit www.baseequitypartners.com.
About Comvest Credit Partners
Comvest Credit Partners, the direct lending platform of Comvest Partners, is focused on providing flexible financing solutions to mid-market businesses. Comvest Credit Partners provides senior secured capital, unit tranche capital with up to $250 million or more of credit facilities to sponsored and non-sponsored companies to support growth, acquisitions, acquisitions, refinancings and recapitalizations. , and provide second lien capital. For more information, please visit www.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. Comvest provides customized investment solutions across North America through private equity, direct lending, and special opportunity investment platforms. Deep capital structure, industry and operational expertise, collaborative approach, and significant transactional experience as an active investor. Currently, Comvest manages his $10.4 billion in assets and has invested over $12.4 billion since its inception. Comvest is based in West Palm Beach and also has offices in Chicago and New York. For more information, please visit www.comvest.com.
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contact address
Joe Higginbotham, Managing Director, Comvest Credit Partners – j.higginbotham@comvest.com
Scott Soracoe, Managing Director, Comvest Credit Partners – s.soracoe@comvest.com
Rachel Bazan, Principal, Comvest Credit Partners – r.bazan@comvest.com