Comvest Partners and Crystal Financial LLC said Tuesday they provided a term loan to Crest Financial. Terms weren’t disclosed. Crystal Financial LLC, a portfolio company of Solar Capital Ltd., provides instant in-store leasing across 46 states with over 4,000 retailers.
WEST PALM BEACH, Fla. & BOSTON–(BUSINESS WIRE)–Comvest Partners (“Comvest”), through its Comvest Capital lending platform, and Crystal Financial LLC (“Crystal”), a provider of debt capital solutions to middle-market businesses, today announced that they have acted as Co-Agents in providing a term loan to Crest Financial (“Crest” or the “Company”). Founded in 2005, Crest helps consumers who have no access to traditional credit with lease financing to purchase retail items. Crest provides instant in-store leasing across 46 states with over 4,000 retailers.
“We are excited about the partnership with Comvest and Crystal. They were able to structure a customized financing solution that allows us to dramatically accelerate our growth,” said Bob Millerberg, Chief Executive Officer and Co-Founder of Crest.
“We are pleased to provide this credit facility to Crest. They are well positioned for the future and we are excited to be part of their continued growth and success,” said Jason Gelberd, Managing Director at Comvest.
Steve Migliero, Senior Managing Director at Crystal, commented, “Crest is delivering an important service to retailers and their customers who need a leasing solution instead of credit. Bob and his management team have built a terrific organization and we look forward to being an important partner in the business.”
About Crest Financial:
Established in 2005, Crest Financial is one of the nation’s largest and fastest growing No Credit Needed leasing companies. Crest has provided leasing to thousands of satisfied customers via numerous retail partners across the United States, and is committed to providing more opportunity for customers, more success for retailers, more service to the community and more growth for employees than any other company in the industry. An innovative leader in No Credit Needed leasing, Crest Financial delivers outstanding customer service and provides instant approvals on transactions up to $5,000 using the most advanced technology, resulting in one of the highest rates of approved transactions in the industry. These superior leasing solutions offer flexible payment options that include In-Home Layaway™ and a 90-day buyout option on leases. Seewww.crestfinancial.com.
About Comvest Partners:
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, the firm has invested over $1.9 billion. Today, Comvest’s funds have $2.5 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our companies financial sponsorship, critical strategic and operational support, and business development assistance. See www.comvest.com.
About Crystal Financial
Crystal Financial LLC, a portfolio company of Solar Capital Ltd., is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.