Comvest Credit Partners Provides $70 Million Senior Credit Facility to Nationwide Energy Partners to Support Growth Strategy
May 07, 2024 04:30 AM Pacific Daylight Time
WEST PALM BEACH, Fla.–(BUSINESS WIRE)–Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Administrative Agent and is the Sole Lender on a $70 million senior secured credit facility (the “Financing”) for Nationwide Energy Partners (“NEP”, or the “Company”), an Ohio-based provider of utility management services to the multifamily market. The Financing will be used to retire existing debt and support new strategic initiatives.
“Comvest continues to focus on investing in well-positioned providers of critical infrastructure services,” said Chris O’Donnell, a Manager Director at Comvest.
Founded in 1999, NEP provides privatized electricity and water management solutions to multifamily property owners, managers and developers and their residents primarily in Ohio and Pennsylvania, with additional presence in New York and Texas. The Company’s services include design, installation, and ongoing maintenance of last-mile electric and water infrastructure systems as well as billing, data analytics, consulting and customer support. Focused on clean energy, NEP has been providing carbon-free energy since 2021.
“Comvest continues to focus on investing in well-positioned providers of critical infrastructure services,” said Chris O’Donnell, a Manager Director at Comvest. “NEP has built a strong reputation and achieved a long track record of growth as a leading regional provider of sustainable energy solutions to the multifamily sector. Our collaborative process with the leadership team resulted in a flexible facility that provides immediate and follow-on funding to support NEP’s key strategic projects.”
“Comvest displayed creativity and diligence in navigating the complex energy market to deliver a financing package structured to help NEP execute our growth strategy more quickly and efficiently,” said Timothy J. (T.J.) Harper, President of NEP. “In addition, Comvest’s ability to increase the size of the facility over time was a key factor in our choice of provider. This relationship enables NEP to continue providing exceptional energy management services to our current multifamily partners while further expanding in new and existing markets across the United States.”
About Nationwide Energy Partners
Nationwide Energy Partners (NEP) is an Ohio-based energy services company exclusively serving multifamily communities through privatized utility ownership and clean energy technologies. For more information, visit www.nationwideenergypartners.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 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 $10.4 billion in assets, and has invested over $12.4 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.
Contacts
Chris O’Donnell, Managing Director, Co-Head of Industrials, Comvest Credit Partners – c.odonnell@comvest.com
Scott Soracoe, Managing Director, Co-Head of Industrials, Comvest Credit Partners – s.soracoe@comvest.com
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