Comvest Partners has acquired Sunteck Transport Group
Lincoln International (“Lincoln”), a leading global mid-market investment bank, announced today the successful completion of a financing in support of Comvest Partners’ (“Comvest”) acquisition of Sunteck Transport Group (OTCBB:AUTO) (the “Company” or “Sunteck”). Headquartered in Boca Raton, Florida, Sunteck acts as a Business Process Outsourcer (“BPO”) for small to medium entrepreneurial freight brokers and trucking operations in order to give them the scale to compete against larger industry competitors. Services include transaction processing, IT systems, working capital financing, and cooperative marketing and branding.
Lincoln acted as exclusive financial advisor to the Company and Comvest, helping to structure, arrange and negotiate the financing. The financing consisted of a $40 million senior secured credit facility comprised of a $35 million revolver and $5 million senior secured term loan provided by Regions Bank.
John Caple, a Managing Director of Comvest, commented, “We couldn’t be more pleased with Lincoln’s process. By outsourcing the financing process, we were able to focus our attention on a complex public-to-private M&A transaction, while Lincoln helped us secure multiple sources of debt capital and narrow in on a compelling financing alternative.”
About Sunteck
Sunteck acts as a Business Process Outsourcer (“BPO”) for small to medium entrepreneurial freight brokers and trucking operations in order to give them the scale to compete against larger industry competitors. Services include transaction processing, IT systems, working capital financing, and cooperative marketing and branding. To learn more about Sunteck visit www.suntecktransportgroup.com.
About Comvest Partners
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. The firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.7 billion of capital in over 115 public and private companies. For more information about Comvest visit www.comvest.com.
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