Comvest Partners has provided $16.75 million in debt and equity capital to California Products Corporation, a producer of specialty surface products, to support the acquisition of the company by Delos Capital. Comvest made the new investment through its debt fund, Comvest Capital II, which closed in January 2012 with $250 million of capital commitments.
California Products Corporation (CPC) is a manufacturer of water-based specialty chemical coatings used in consumer and industrial applications, including tennis court and track coatings, consumer paints and stains, and environmental remediation coatings. The company is headquartered in Andover, MA (www.calprocorp.com).
“Comvest understands our business and management’s vision to grow the business, we are pleased to have them as a lender and equity co-investor to the company,” said Peter Longo, Chairman and Chief Executive Officer of CPC.
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).
“We are fortunate to work with the outstanding executive team at CPC and hope this is the first of many transactions with Delos,” said Jared Grigg, Principal at Comvest Partners.
Delos Capital invests in North America-based lower middle-market companies in the chemicals, packaging, industrials, and consumer sectors. The firm was founded in 2013 by Matthew Constantino, a former managing partner of Vision Capital. Delos Capital is based in New York.
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-15-14