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Kayne Anderson, Comvest Provide $24MM to SCG Financial

May 08, 2013, 07:41 AM
Filed Under: Lender Finance
Related: Kayne Anderson

Kayne Anderson Middle Market Credit and Comvest Partners provided a $24 million term loan to SCG Financial Acquisition Corp.  to fund the business combination of Reach Media Group Holdings, Inc., a leading digital signage media and technology company, and Symon Communications Holdings Corporation, a leading global provider of enterprise-class digital signage solutions.

The deal was led and agented by one of Kayne’s middle market lending funds, Kayne Senior Credit Fund, L.P. Comvest Partners, through its fund Comvest Capital II L.P., provided $8 million of the $24 million term loan.

The combination of RMG and Symon creates a leading digital signage media company that offers intelligent visual technology solutions to enterprise customers and leadership in digital place-based media to advertisers. RMG Networks now has over 7,500 customers including approximately 70% of the Fortune 100, a majority of the Fortune 500, and over 1 million installed screens.

Ken Leonard, Managing Partner, Kayne Senior Credit Fund, L.P. said, “The transaction represented a unique opportunity to finance two industry leading companies with niche focuses in defensible markets. We are delighted to have closed the transaction and look forward to working with the company in meeting future growth needs.”

Dan Lee, Managing Director, Comvest Partners, said, “We were impressed by both RMG and Symon, and particularly by the quality of their management teams. This was an opportunity to support Mr. Sachs and Kayne Anderson, who we have known for years and think very highly of. We look forward to supporting the business with additional capital and building a very productive relationship with Kayne Anderson over the years.”

RMG Networks is a leading provider of complete digital signage solutions. Its RMG Media Networks business unit engages elusive audience segments with relevant content and advertising delivered through digital place-based networks, including the largest digital airline media network with a monthly audience of more than 35 million passengers and a mall media network reaching over 62 million monthly viewers in 161 shopping malls across the United States. I

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