Comvest Partners, a leading middle-market private equity and credit investment firm, is pleased to announce that its direct lending platform, Comvest Credit Partners, is acting as Administrative Agent and is the Sole Lender on a $117 million senior secured credit facility (the “Financing”) for ACT Entertainment (the “Company”), a portfolio company of investment firm BASE Equity Partners (“BASE”). The Financing was used to refinance existing debt and support ACT Entertainment’s acquisitions of Spitfire Creative Technologies, a provider of audio and visual equipment and technology, and Ambersphere Solutions, a provider of professional lighting solutions.
Founded in 1993, ACT Entertainment is the leading manufacturer and value-added distributor of audio and lighting products and equipment to the North American entertainment industry. Its products are used in live shows, concerts, entertainment venues, theatres and film and television production studios. Customers include producers of some of the highest grossing entertainment tours in the United States and the United Kingdom. ACT Entertainment also sells music products and accessories through e-commerce and retail channels.
“ACT Entertainment is uniquely differentiated and experiencing strong momentum in the live event and performance space, which is undergoing rapid growth in the post-pandemic environment,” said Scott Soracoe, a Managing Director at Comvest. “We are pleased to provide a creative financing solution that will help ACT Entertainment achieve its growth objectives.”
“Comvest Credit Partners is dedicated to fostering strong relationships with a diverse borrower base that includes private equity sponsors, independent sponsors such as BASE, and unsponsored companies,” said Joe Higginbotham, a Managing Director at Comvest. “BASE has deep experience in the media and entertainment space and is also a long-term investor in ACT Entertainment. We look forward to our continued work together.”
Ben Schneider, Co-founder and Managing Partner of BASE, added, “Throughout the transaction process, the Comvest team was responsive, patient and committed to developing a deep understanding of the business. The result was a tailored financing solution that supports ACT Entertainment’s immediate capital needs as well as its desired pace of future acquisitive growth.”
About ACT Entertainment
ACT Entertainment is a manufacturer and value-added distributor of entertainment lighting, audio, and video technology used in major concert tours and live entertainment venues, film & TV studios, as well as in the theatrical, architectural, and music retail industries across North America. ACT’s products can be seen at the highest profile events and venues, including each of the top 10 grossing concert tours, the Super Bowl Halftime Show, and illuminating the Empire State Building. Founded in 1993 and headquartered in Jackson, MO, the company has more than 500 employees across offices in California, New Jersey, Massachusetts, Ohio, Colorado, Texas, Canada, Mexico, and the United Kingdom. For more information, please visit www.actentertainment.com.
BASE Equity Partners
BASE is a New York City-based operationally oriented independent investment group focused on helping founder-led and family-owned businesses achieve their full potential. For more information, please visit www.baseequitypartners.com.
About Comvest Credit Partners
Comvest Credit Partners, the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit Partners provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations, with credit facilities up to $250 million-plus. For more information, please visit www.comvest.com/direct-lending.
About Comvest Partners
Comvest Partners, founded by Michael Falk, is an operationally focused private investment firm that has provided equity and debt capital to well-positioned middle-market companies throughout North America since 2000. Through its private equity, direct lending and special opportunities investment platforms, Comvest offers tailored investment solutions across the capital structure, deep industry and operating expertise, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages $10.9 billion in assets, and has invested over $12.8 billion since inception. Based in West Palm Beach, Comvest also maintains offices in Chicago and New York. For more information, please visit www.comvest.com.
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