The Comvest Group, through its debt fund, Comvest Capital II L.P., has provided a $15.1 million term loan to Primo Water Corporation, a national provider of water dispensers, bulk bottled water and sparkling beverage appliances. “These new financing arrangements provide Primo with flexibility to execute our growth plans across our product lines,” said Primo CFO Mark Castaneda. “Comvest has been a responsive and flexible partner and we are appreciative of their efforts to meet our capital needs.”
Primo Water Corporation (NASDAQ: PRMW) is a provider of three- and five-gallon purified bottled water, self-serve filtered drinking water, water dispensers and carbonating beverage appliances sold through major retailers in the United States and Canada. Primo was founded in 2004 and is headquartered in Winston-Salem, NC (
). “The management team at Primo has a great track record in founding and growing Blue Rhino Corporation,” said Managing Director Greg Reynolds of Comvest Capital. “We believe this experience ideally positions Primo for continued growth as it becomes the leading provider of water solutions to retailers.”
The Comvest Group provides debt and equity to middle-market companies. For debt investments the firm will invest from $2 million to $20 million per transaction in companies with $10 million to $200 million of revenue that have positive or negative EBITDA. For equity investments the firm will invest from $10 million to $50 million per transaction in companies with $15 million to $500 million of revenue that have positive or negative EBITDA. Since 2000 Comvest has invested more than $1.5 billion of capital in over 105 public and private companies worldwide. The firm is based in West Palm Beach, FL (www.comvest.com).