Acima Credit has secured a $125 million senior credit facility from Comvest. The capital will be used to pay down existing debt and support growth initiatives. Acima is a provider of “creative” alternatives to traditional consumer lending.
West Palm Beach, FL – (May 2, 2018) – Comvest Credit Partners (“Comvest”) has acted as Administrative Agent and Lender for a $125.0 million senior secured credit facility (the “Financing”) to Acima Credit, LLC, (“Acima” or the “Company”). Acima provides creative alternatives to retail customers that cannot secure traditional financing through a proprietary point-of-sale technology platform. The Financing was used to retire existing debt and support growth initiatives.
“We are excited to partner with Comvest Credit Partners. They worked quickly to provide Acima with an optimal financing structure and the capital necessary to execute on our growth initiatives,” said Aaron Allred, Founder and Chief Executive Officer at Acima.
“We are very pleased to partner with Acima to help facilitate the Company’s growth in their respective markets. The Company’s excellent reputation in the market is a testament to its strong management team and unique technology platform,” said Brad Nii, Managing Director at Comvest.
About Acima Credit, LLC:
Acima Credit provides a flexible and creative alternative to traditional consumer lending. Acima’s proprietary technology driven point-of-sale finance solution is designed to be a fast and easy solution for both merchants and consumers while its online decision engine provides merchant partners and retail customers with an automatic approval decision within a matter of seconds. For more information, please visit www.acimacredit.com.
About Comvest Credit Partners:
Comvest Credit Partners focuses on providing flexible financing solutions to middle-market companies. We provide senior secured, unitranche, second lien, and mezzanine capital as well as equity co-investments. We lend to sponsored and non-sponsored companies, in support of refinancings, growth capital, acquisitions, buyouts, and recapitalizations. Credit facilities typically range from $20 million to $200 million for companies with revenues greater than $15 million. For more information, please visit our website.
About Comvest Partners:
Comvest Partners is a private investment firm providing equity and debt to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $3.3 billion in over 165 companies. Today, Comvest’s funds have $3.1 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. For more information, please visit our website.