Comvest Partners, a prominent private equity and credit investment firm, has announced a significant financial move involving its direct lending platform, Comvest Credit Partners. Acting as the Administrative Agent and Sole Lender, Comvest Credit Partners is providing a $70 million senior secured credit facility to Nationwide Energy Partners (NEP), an Ohio-based utility management service provider focused on the multifamily housing market.

Supporting Strategic Initiatives and Debt Retirement

The primary use of the financing is to retire existing debt and bolster NEP’s strategic initiatives aimed at expanding its services and market reach. NEP, established in 1999, has become a key player in providing privatized electricity and water management solutions across multiple states including Ohio, Pennsylvania, New York, and Texas. Their services encompass the design, installation, and maintenance of last-mile electric and water infrastructure systems, as well as offering billing, data analytics, consulting, and customer support.

Chris O’Donnell, a Managing Director at Comvest, commented on the deal, “NEP has built a strong reputation and achieved a long track record of growth as a leading regional provider of sustainable energy solutions to the multifamily sector. Our collaborative process with the leadership team resulted in a flexible facility that provides immediate and follow-on funding to support NEP’s key strategic projects.”

Enhancing NEP’s Growth and Market Expansion

This strategic financing from Comvest Credit Partners is tailored to propel NEP’s growth trajectory, enabling the company to implement its growth strategies more efficiently. Timothy J. (T.J.) Harper, President of NEP, praised Comvest’s role, stating, “Comvest displayed creativity and diligence in navigating the complex energy market to deliver a financing package structured to help NEP execute our growth strategy more quickly and efficiently.”

Moreover, the flexibility of the financial package, which allows for an increase in facility size over time, played a crucial role in NEP’s decision to choose Comvest as a financial partner. This adaptability is essential for NEP as it continues to provide top-notch energy management services and expands its presence in both new and existing markets across the United States.

Commitment to Clean Energy

It is noteworthy that NEP has been committed to providing carbon-free energy since 2021, aligning with broader environmental goals and the increasing demand for sustainable energy solutions. This move not only enhances NEP’s marketability but also supports its operational sustainability in the competitive energy sector.

  Comvest Partners, Financial Strategy, Multifamily Housing, Nationwide Energy Partners, senior secured credit, Sustainable Energy, utility management