Comvest Credit Partners invests $144 million to support the recapitalization and growth of Sportime Clubs
WEST PALM BEACH, Fla. — (BUSINESS WIRE) — #comvest — Comvest Credit Partners (“Comvest Credit”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Administrative Agent on a $144 million senior secured credit facility (the “Financing”) for Sportime Clubs, LLC (“Sportime”), a leading operator of tennis and sports clubs in the New York tri-state area. The Financing will be used to support the recapitalization of the company and provide capital for business growth.
Founded in 1994, Sportime owns and operates 17 club locations in New York and New Jersey. Its clubs offer state-of-the art facilities for tennis, pickleball, sports and camps, and feature specialized sports training programs, including the John McEnroe Tennis Academy (“JMTA”) and the SPORTIME Volleyball Club.
“Sportime is a premier tennis and sports club operator with a long history of consistent performance and a unique brand from its association with the JMTA, one of the top junior tennis programs in the country,” said Nick McClelland, a Managing Director and Co-Head of Consumer and Retail for Comvest Credit.
“Comvest Credit is pleased to invest in Sportime’s continued growth through a flexible facility structured to provide immediate capital with runway to support the company’s later capital needs,” added David Gibson, a Managing Director and Co-Head of Consumer and Retail for Comvest Credit.
“We are excited to build a relationship with Comvest Credit, a leading debt investor in the consumer and retail sector with substantial experience in numerous multi-unit retail categories,” said Claude Okin, Chief Executive Officer of Sportime. “Comvest Credit’s financing will help Sportime to continue our growth through the addition of sites and expanded offerings, as we strive to meet the rising demand for recreational and competitive tennis, pickleball and other sports during this exciting period for our company.”
About Sportime
Sportime is a leading operator of tennis and sports clubs in the New York tri-state area, offering indoor and outdoor tennis, pickleball and sports facilities and programs, at clubs across Long Island and in New York City, Westchester and the New York Capital region. Sportime has been the home of the John McEnroe Tennis Academy at New York City’s Randall Island since 2010, with JMTA programs now offered at Sportime sites in Amagansett, Port Washington and Syosset, on Long Island, and at Lake Isle, Eastchester, in Westchester. For more information, visit https://sportimeny.com.
About Comvest Credit Partners
Comvest Credit Partners (“Comvest Credit”), the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit 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 $300 million-plus. For more information, please visit comvest.com/direct-lending.
About Comvest Partners
Comvest Partners is a 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 along with deep industry expertise, operating resources, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages $12.9 billion in assets, and has invested over $14.4 billion since inception. Based in West Palm Beach, Comvest also maintains offices in Chicago and New York City. For more information, please visit comvest.com.
Contacts
David Gibson, Managing Director, Co-Head of Consumer & Retail, Comvest Credit Partners – d.gibson@comvest.com
Nick McClelland, Managing Director, Co-Head of Consumer & Retail, Comvest Credit Partners – n.mcclelland@comvest.com
