Comvest Credit Partners led the refinancing of SMART Financial, an Orlando, Florida-based pawn store operator. Comvest acted as Administrative Agent and Sole Lender in providing SMART a $68 million senior secured credit facility, which the Company will use to refinance existing debt and fund further growth of the business. SMART has been a company in Comvest’s direct lending portfolio since 2016.
SMART operates a network of independent pawn stores in the United States and Canada. With nearly 90 locations and six unique brands, SMART is the third largest pawn chain in North America.
“This transaction reflects Comvest’s ability to provide substantial ongoing debt financing support to our portfolio companies,” said Jason Gelberd, Partner, Co-Head of Direct Lending, at Comvest. “The SMART management team has built a strong platform with a demonstrated performance record. Comvest is pleased to have successfully supported varying phases of SMART’s growth these past five years and now to provide an additional credit solution tailored to management’s expansion goals. We look forward to continuing to build upon our long-term relationship with the company.”
SMART Financial offers non-recourse, fully collateralized pawn loans and a wide variety of retail merchandise through stores across North America. For more information, please visit www.smartfinancialent.com