A leading provider of flexible financing solutions to middle-market companies, Comvest Credit Partners (“Comvest”) has been an administrative agent in providing a $105 million senior secured credit facility (the “Financing”) to Fat Tuesday (or the “Company”), one of the nation’s largest off-premise specialty beverage providers. Strategic acquisitions and corporate expansion will be financed with the Financing.
Fat Tuesday was launched in 1983 and provided a variety of frozen specialty beverages. Founded in New Orleans, the company presently has over 80 corporate and franchised retail outlets in 11 states and three countries. These are primarily located in warm regions, tourist sites, entertainment areas, and outdoor malls. Customers can create flavor combinations or opt for one of Fat Tuesday’s famous concoctions.
Dan Lee, a partner at Comvest Partners, stated that Comvest has a proven track record of building customized credit finance solutions that assist fast-growing specialty food and beverage firms like Fat Tuesday. They are excited to bring their industry knowledge and underwriting capabilities to bear on Fat Tuesday’s new unit expansion efforts at home and abroad.
Comvest’s Managing Director, Nick McClelland, stated that Comvest is happy to cooperate with Garnett Station Partners on funding another top-tier consumer-branded company. While they look forward to working with Fat Tuesday’s management team and Garnett Station Partners, the company’s original frozen drink creations continue to grow in popularity.
Fat Tuesday was founded in Louisiana in 1983 and has since evolved into the largest off-premise and take-away specialty beverage business in the United States, specializing in frozen drinks. The company has expanded from a small New Orleans-based family business to an international specialty-beverage distribution company. Garnett Station Partners acquired fat Tuesday in April 2021.
Matt Perelman and Alex Sloane formed Garnett Station Partners in 2013, and it now manages over $1 billion in assets. Garnett Station seeks strategic investors and management teams with experience and entrepreneurial spirit as it looks to develop a value for its growing range of platforms. To find, underwrite, and manage investments, the company relies on its global network, operational expertise, and meticulous attention to detail. In addition to food and beverage, health and well-being, automotive, and business services are also important core industries. We value innovation, teamwork, creativity, and transparency at Garnett Station.
Comvest Credit Partners specializes in offering middle-market businesses a variety of funding options. Comvest provides a wide range of financing options for both sponsored and non-sponsored enterprises to assist with expansion, acquisitions, buyouts, refinancings, and recapitalizations. When a company’s sales exceed $20 million, the available credit facilities typically range from $25 million to $250 million. Comvest has offices in Chicago, New York, and West Palm Beach.
Middle-market enterprises in the United States receive equity and loan financing from Comvest Partners, a private investment firm. Comvest has amassed an investment portfolio of $8 billion since its inception in 2000. Comvest currently manages more than $7.6 billion in assets. Comvest Partners provides companies with financial sponsorship, strategic and operational support, and aid in growing their businesses with a substantial pool of cash and an extensive network of contacts in the industry.
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