Comvest Credit Partners, a leading provider of flexible financing solutions to middle-market companies, has acted as Administrative Agent in providing a $40 million senior secured credit facility to Horsepower Financial, LLC, and its affiliates. Horsepower, a Lebanon, Ohio-based provider of consumer motorcycle leasing services, will use the Financing to fund working capital needs and business growth initiatives.
Founded in 2009, Horsepower is a specialty consumer leasing business focused on the pre-owned Harley-Davidson motorcycle market. With a mission to “afford everyone access to the Harley Lifestyle”, Horsepower provides custom leases to consumers through partnerships with authorized Harley-Davidson dealers throughout the United States.
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“Comvest is pleased to provide Horsepower with a creative financing solution to support the company’s growth plans,” said Tim Kim, Managing Director, at Comvest. “We are excited to have the opportunity to once again work with Horsepower’s exceptional leadership team, including Chris Garrido and Laura Middendorf. We provided a similar credit facility for a consumer finance company they led prior to joining Horsepower and look forward to continuing to build upon our relationship.”
“Comvest brings a highly nuanced knowledge of specialty finance and very specific experience structuring credit facilities for rapidly growing consumer finance businesses like Horsepower,” said Chris Garrido, CEO, of Horsepower. “Comvest’s expertise in consumer specialty finance and the pre-owned Harley-Davidson market, along with its history of being a constructive and trustworthy partner, were big factors in our choice of a financing provider.”
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The transaction extends Comvest’s leadership in the North American specialty finance lending market. Since 2011, Comvest has made approximately 40 specialty finance investments representing nearly $2 billion in capital commitments.
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