City Loan, a portfolio company of Larsen MacColl Partners, said that it has received a $30 million term loan from Comvest Partners. According to City Loan, the capital will be used for growth and expansion. The Seaport Group advised City Loan on this transaction. Based in Long Beach, Calif., City Loan is a provider of direct-to-consumer loans.
LONG BEACH, Calif.–(BUSINESS WIRE)–City Loan™, a Larsen MacColl Partners (“Larsen MacColl”) portfolio company, announces the close of a $30 million (USD) term loan with Comvest Partners (“Comvest”). Based in Long Beach, California, City Title Loan, LLC (“City Loan”) is a specialty finance company that provides direct-to-consumer loans.
“Management has shown a strong acumen for profitably growing the loan portfolio, and we are pleased to be in a position to facilitate continued expansion alongside Larsen MacColl”
“We are pleased to partner with Comvest as we embark on this next stage of growth,” says Fred Cary, Chief Executive of City Loan. “I am confident we have the people and processes in place to facilitate continued growth and expansion of our product offerings to our underserved customers.”
Bernie Delaney, Executive Vice President, adds, “City Loan’s future looks bright as we continue to grow in our home state of California – registering over 80% year-over-year growth – while looking forward to expanding into new states and offering the ‘City Loan Difference’ to new customers.”
Jeff Larsen, Managing Partner of Larsen MacColl, says, “Larsen MacColl has been supportive of City Loan’s growth since our initial investment in March 2011 and is pleased to partner with Comvest to capitalize on the many expansion opportunities that exist for City Loan.”
“Management has shown a strong acumen for profitably growing the loan portfolio, and we are pleased to be in a position to facilitate continued expansion alongside Larsen MacColl,” adds Greg Reynolds, Managing Director at Comvest.
City Loan was advised on this transaction by The Seaport Group (“Seaport”).
About City Loan:
Founded in 1995 and headquartered in Long Beach, California, City Loan is a specialty finance company that provides direct-to-consumer loan products to an underserved market. www.cityloan.com
About Larsen MacColl:
Larsen MacColl Partners is a private equity fund based in Radnor, PA. Larsen MacColl invests in profitable and established companies in basic industries with annual sales ranging between $5 and $40 million, and seeks to partner with companies with proven business models, solid management teams and significant growth opportunities. www.larsenmaccoll.com
About Comvest Partners:
Comvest, with $1.3 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. The firm includes seasoned, senior-level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.7 billion of capital in over 115 public and private companies. For more information about Comvest, visit www.comvest.com.
About The Seaport Group:
Founded in 2001, the Seaport Group has grown to approximately 200 professionals covering over a dozen business and product lines. Executing over $40 billion of average annual credit-related transactions volume in the last three years, New York-based Seaport Group has emerged as a leader in global credit markets with one of the largest sales and trading platforms of any boutique investment bank. Seaport’s unique model provides clients with access to an integrated firm of experienced market specialists helping clients manage risk and create value. www.theseaportgroup.com