July 11, 2022: Godpseed Capital Backs Architecture, The Sterling Group Invests in Ergonomics

Read the top headlines from Monday, July 11, 2022 below:

The Sterling Group Acquires Ergonomic Solutions Company

Middle-market private equity firm The Sterling Group announced via press release its acquisition of Ergotron, a Minnesota-based ergonomics product designer, manufacturer and distributor. The company targets the healthcare, workspace, industrial and education industries. In a statement, The Sterling Group partner Brad Staller said Ergotron’s “commitment to its customers and employees seamlessly align with Sterling’s employee-focused approach to partnerships.” The Sterling Group acquired the business from Melrose Industries PLC, and noted that the deal aligns with its experience in corporate carve-outs.

Architecture Business Secures Backing from Godspeed Capital

Godspeed Capital Management LP, a lower-middle market private equity firm focused on the defense and government services industry, has invested in architecture business Zyscovich, according to a press release. Zyscovich provides architecture, interior and urban design, and consulting services across Florida, targeting customers in the K-12 education and transportation arena across the public and private sectors. The investment will enable Zyscovich to continue its growth trajectory throughout Florida by enhancing its design and planning capabilities.

Related content: Why Architecture, Engineering and Construction Is a Sector to Watch

Comvest Credit Partners Finances Flexpoint Ford’s Purchasing Power

Comvest Credit Partners, an alternative investment firm, announced a $120 million senior secured credit facility to Purchasing Power, a business that facilitates voluntary benefits to employees through payroll deduction. The investment was made alongside Crestline Investors, a press release noted, and marks the latest backing for Purchasing Power by Comvest Credit Partners, which first financed the business in 2016 when private equity firm Flexpoint Ford acquired the business in 2016. The financing supported Purchasing Power’s refinancing of existing debt, provided a dividend to investors, and will finance further growth for the business, the announcement noted.

Logan Ridge Refinances Investment in Media Holding Company

Business development company Logan Ridge Finance, which invests in first and second lien loans, as well as in equity securities issued by lower-middle market companies, announced its recapitalization and refinancing of Eastport Holdings, one of its portfolio companies. Eastport Holdings is a holding company operating within the media and marketing industry. The refinancing and recapitalization sees Logan Ridge Finance providing $16.5 million in cash and $19.25 million in principle of a new debt facility, exchanged for the company’s previous debt and equity securities. According to Logan Ridge Finance CEO and president Ted Goldthorpe, the refinancing “significantly reduces our legacy non-interest earning equity exposure,” adding that the recapitalization is “transformative for Logan Ridge.”