California-based City Loan said it acquired a US $30 million loan facility from Comvest Partners to support its operation and market expansion plans.
Bernie Delaney, Executive Vice President, adds, "City Loan's future looks bright as we continue to grow in our home state of California - registering over 80% year-over-year growth - while looking forward to expanding into new states and offering the 'City Loan Difference' to new customers."
A Larsen MacColl Partners' portfolio company, City Loan has reportedly registered more than 80% year-on-year growth in California. However, the company is planning to expand and offer consumer loans to other locations.
Greg Reynolds, managing director of Comvest, said that City Loan has proven in the past that it can grow and expand its business. "We are pleased to be in a position to facilitate continued expansion alongside Larsen MacColl," he said.
Comvest Partners provides flexibility in credit agreements to mid-market and lower market firms. To date, it manages around US $1.3 billion in assets.
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