Comvest Partners Announces Financing for Billhighway to Support Acquisition Strategy

May 30, 2024 at 11:38 AM EDT

Comvest Partners, a leading middle-market private equity and credit investment firm, is pleased to announce that its direct lending platform, Comvest Credit Partners, is acting as Administrative Agent and is the Sole Lender on a senior secured credit facility (the “Financing”) for Billhighway (or the “Company”), a Troy, Mich.-based provider of finance management technology solutions for fraternal organizations and associations, and private equity firm Lovell Minnick Partners (“LMP”). The Financing will be used to refinance existing debt and support Billhighway’s acquisition of ChapterSpot, a provider of customer relationship management (CRM).

Founded in 1999, Billhighway provides an integrated software platform that helps multi-chapter member-based organizations improve efficiency through applications that span membership and event management, reporting and analytics, payment processing and invoicing.

“Billhighway is a niche market leader with a strong and loyal customer base. We are pleased to provide a tailored facility to support the scaling of the Company through the acquisition of a leading provider of complementary technology services to the same market,” said Brian Cercek, a Managing Director at Comvest.

“LMP shares Comvest Credit Partners’ investment focus in the software and technology services sector and brings a long history of successful transactions in that space. We look forward to working together in support of Billhighway’s growth,” said Dan Lee, a Partner of Comvest.

“Comvest has a long track record of supporting high-growth software and payments businesses, and we are excited to partner with the Comvest team in support of Billhighway’s continued growth strategy,” said Trevor Rich, Partner at LMP.

About Billhighway

Billhighway delivers integrated software and payments solutions to the non-profit sector, providing SaaS-based member management, accounting and transaction processing services to Fraternities and Sororities, Associations and Labor Unions. For more information, please visit www.billhighway.co.

About Lovell Minnick Partners

Lovell Minnick Partners ("LMP") invests in growth-oriented companies. The firm partners with founders and leadership teams to accelerate value creation through organic growth and strategic acquisitions, positioning their businesses for long-term, sustainable success. LMP leverages its deep sector experience and broad network of strategic advisors to identify and execute multiple strategic levers to drive transformational growth. Since LMP's inception in 1999, the firm has raised over $4.75 billion of committed capital, invested in over 50 companies, and completed over 175 add-on acquisitions. LMP targets growth-oriented, middle-market companies in the financial services, financial technology, and business services sectors. For more information, please visit www.lmpartners.com.

About Comvest Credit Partners

Comvest Credit Partners, the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit Partners provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations, with credit facilities up to $250 million-plus. For more information, please visit www.comvest.com/direct-lending.

About Comvest Partners

Comvest Partners, founded by Michael Falk, is an operationally focused private investment firm that has provided equity and debt capital to well-positioned middle-market companies throughout North America since 2000. Through its private equity, direct lending and special opportunities investment platforms, Comvest offers tailored investment solutions across the capital structure, deep industry and operating expertise, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages $10.9 billion in assets, and has invested over $12.8 billion since inception. Based in West Palm Beach, Comvest also maintains offices in Chicago and New York. For more information, please visit www.comvest.com.