Comvest Partners, through its lending platform, Comvest Capital, has provided a $21.5 million term loan facility with additional $10.0 million of availability to Universal Marine Medical Supply International (Universal). The Comvest credit facility was utilized to recapitalize the previous buyout of the founding shareholder and for further acquisition and growth capital.
Universal is a supplier of medical and pharmaceutical supplies to cruise ships, oil rigs, super yachts, merchant vessels, tankers, and freighters. The company was founded in 1976 by Jules Nasso and is based in Manhattan and Staten Island, NY, with operational hubs in Florida, the UK and Greece (www.universalmarinemedical.com).
“We are very excited about our partnership with Comvest.” said Drew Schaefer, Chairman and co-CEO of Universal. “The facility allows us maximum flexibility to address our growing international organization.”
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 $1.7 billion of capital in over 120 public and private companies worldwide. The firm is based in West Palm Beach (www.comvest.com).
“Universal is a well positioned business serving the specialized needs of the maritime industry,” said Greg Reynolds, Managing Director, Comvest Partners. “We are pleased to partner with Universal’s experienced and talented management team to accelerate the growth of their business”.
Universal was advised on this transaction by New York based investment bank The Seaport Group (www.theseaportgroup.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-6-13
