Comvest Credit Partners is acting as Administrative Agent and is the Sole Lender on a $117 million senior secured credit facility for ACT Entertainment, a portfolio company of investment firm BASE Equity Partners (“BASE”). The financing was used to refinance existing debt and support ACT Entertainment’s acquisitions of Spitfire Creative Technologies, a provider of audio and visual equipment and technology, and Ambersphere Solutions, a provider of professional lighting solutions.
Founded in 1993, ACT Entertainment is the leading manufacturer and value-added distributor of audio and lighting products and equipment to the North American entertainment industry. Its products are used in live shows, concerts, entertainment venues, theatres and film and television production studios. Customers include producers of some of the highest grossing entertainment tours in the United States and the United Kingdom. ACT Entertainment also sells music products and accessories through e-commerce and retail channels.
“ACT Entertainment is uniquely differentiated and experiencing strong momentum in the live event and performance space, which is undergoing rapid growth in the post-pandemic environment,” said Scott Soracoe, a Managing Director at Comvest. “We are pleased to provide a creative financing solution that will help ACT Entertainment achieve its growth objectives.”
“Comvest is dedicated to fostering strong relationships with a diverse borrower base that includes private equity sponsors, independent sponsors such as BASE, and unsponsored companies,” said Joe Higginbotham, a Managing Director at Comvest. “BASE has deep experience in the media and entertainment space and is also a long-term investor in ACT Entertainment. We look forward to our continued work together.”
Ben Schneider, Co-founder and Managing Partner of BASE, added, “Throughout the transaction process, the Comvest team was responsive, patient and committed to developing a deep understanding of the business. The result was a tailored financing solution that supports ACT Entertainment’s immediate capital needs as well as its desired pace of future acquisitive growth.”