Comvest Credit Partners Announces New $100 Million Credit Facility for Ojos Locos to Support the Restaurant Chain’s Continued Expansion

WEST PALM BEACH, Fla., Oct. 12, 2022 (GLOBE NEWSWIRE) — Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it has acted as Administrative Agent and Sole Lender in providing a new $100 million senior secured credit facility to Ojos Locos, LLC, (“Ojos Locos”, or the “Company”), a Dallas-based restaurant chain operator in Comvest’s Direct Lending portfolio. The Financing will be used to support Ojos Locos’s working capital and growth needs. Comvest also made an equity co-investment in the Company.

Founded in 2010, Ojos Locos operates a chain of popular Mexican-themed sports bars and restaurants under the “Ojos Locos Sports Cantina” brand. Ojos Locos focuses on predominately Hispanic markets, offering Latin-influenced cuisine and wall-to-wall televisions featuring popular sporting events. The Company has grown to more than 20 locations in Texas, Arizona, and New Mexico.

“Comvest has a proven history as a credit provider to high-performing, founder-led companies in attractive niche restaurant markets,” said Dan Lee, a Partner at Comvest. “Ojos Locos, the ‘favorite’ restaurant of many of its customers, has grown consistently under its longtime management team, more than doubling its locations in just a few years. Comvest is proud to offer deep sector expertise and the ability to provide our portfolio companies substantial add-on capital for their continued expansion needs.”

“Over the last four years, Comvest has demonstrated a strong understanding of our business and operational needs,” said Rich Hicks, founder and Chief Executive Officer of Ojos Locos. “As a result, Comvest structured a tailored loan package that enables Ojos Locos to be both timely and aggressive in executing our continued growth initiatives in the southwestern United States.”

About Ojos Locos
Ojos Locos operates a chain of Mexican-themed sports bars and restaurants with locations throughout the American Southwest. For more information, please visit https://ojoslocos.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, second lien, and mezzanine capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations. Credit facilities typically range from $25 million to $250 million-plus for companies with revenues greater than $20 million. For more information, please visit www.comvest.com/direct-lending.

About Comvest Partners
Comvest Partners 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 more than $7.7 billion in assets, and has invested over $8.7 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.

For more information, please contact:
Dan Lee, Partner, Comvest Credit Partners – [email protected]

Nicholas McClelland, Managing Director, Comvest Credit Partners – [email protected]