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Comvest Credit Partners Provides New $100MM Credit Facility for Ojos Locos

October 13, 2022, 06:00 AM
Filed Under: Restaurant

Comvest Credit Partners acted as Administrative Agent and Sole Lender in providing a new $100 million senior secured credit facility to Ojos Locos, LLC, a Dallas-based restaurant chain operator in Comvest’s Direct Lending portfolio. The Financing will be used to support Ojos Locos’s working capital and growth needs. Comvest also made an equity co-investment in the Company.

Founded in 2010, Ojos Locos operates a chain of popular Mexican-themed sports bars and restaurants under the “Ojos Locos Sports Cantina” brand. Ojos Locos focuses on predominately Hispanic markets, offering Latin-influenced cuisine and wall-to-wall televisions featuring popular sporting events. The Company has grown to more than 20 locations in Texas, Arizona, and New Mexico.

“Comvest has a proven history as a credit provider to high-performing, founder-led companies in attractive niche restaurant markets,” said Dan Lee, a Partner at Comvest. “Ojos Locos, the ‘favorite’ restaurant of many of its customers, has grown consistently under its longtime management team, more than doubling its locations in just a few years. Comvest is proud to offer deep sector expertise and the ability to provide our portfolio companies substantial add-on capital for their continued expansion needs.”

“Over the last four years, Comvest has demonstrated a strong understanding of our business and operational needs,” said Rich Hicks, founder and Chief Executive Officer of Ojos Locos. “As a result, Comvest structured a tailored loan package that enables Ojos Locos to be both timely and aggressive in executing our continued growth initiatives in the southwestern United States.”

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