US-based Kayne Anderson Middle Market Credit has partnered with private equity firm Comvest Partners in providing $24 million term loan to fund the merger of digital signage firms Reach Media Group and Symon Communications.
Kayne Anderson Middle Market Credit, the private debt arm of Kayne Anderson Capital Advisors, led the deal and provided $16 million of the $24 million from its Kayne Senior Credit Fund vehicle. The remaining $8 million was provided by Comvest Capital’s second fund, both firms confirmed in a statement.
Comvest manages both private equity and private debt funds, while KAMMC specialises in US mid-market credit investments.
Ken Leonard, managing partner at Kayne Senior Credit Fund, believes the deal represented a unique opportunity “to finance two industry leading companies with niche focuses in defensible markets.”