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Comvest Partners Provides $30MM Term Loan to City Loan

July 30, 2013, 07:28 AM
Filed Under: Lender Finance

City Loan, a Larsen MacColl Partners portfolio company, announces the close of a $30 million term loan with Comvest Partners. Based in Long Beach, CA, City Title Loan, is a specialty finance company that provides direct-to-consumer loans.

“We are pleased to partner with Comvest as we embark on this next stage of growth,” says Fred Cary, chief executive of City Loan. “I am confident we have the people and processes in place to facilitate continued growth and expansion of our product offerings to our underserved customers.”

Bernie Delaney, executive vice president, adds, “City Loan’s future looks bright as we continue to grow in our home state of California – registering over 80% year-over-year growth – while looking forward to expanding into new states and offering the ‘City Loan Difference’ to new customers.”

Jeff Larsen, managing partner of Larsen MacColl, says, “Larsen MacColl has been supportive of City Loan’s growth since our initial investment in March 2011 and is pleased to partner with Comvest to capitalize on the many expansion opportunities that exist for City Loan.”

“Management has shown a strong acumen for profitably growing the loan portfolio, and we are pleased to be in a position to facilitate continued expansion alongside Larsen MacColl,” adds Greg Reynolds, managing director at Comvest.

City Loan was advised on this transaction by The Seaport Group.

Larsen MacColl Partners is a private equity fund based in Radnor, PA. Larsen MacColl invests in profitable and established companies in basic industries with annual sales ranging between $5 and $40 million, and seeks to partner with companies with proven business models, solid management teams and significant growth opportunities.

Comvest, with $1.3 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements.

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