Kayne Anderson and Comvest Provide Term Loan to RMG Networks
May 08 2013 - 5:00AM
Business Wire
Kayne Anderson Middle Market Credit, the private credit platform
of Kayne Anderson Capital Advisors, L.P. (“Kayne” or “Kayne
Anderson”), and Comvest Partners provided a $24,000,000 term loan
to SCG Financial Acquisition Corp. (d/b/a “RMG Networks”)
(NasdaqCM: RMGN) to fund the business combination of Reach Media
Group Holdings, Inc. ("RMG"), a leading digital signage media and
technology company, and Symon Communications Holdings Corporation
(“Symon”), a leading global provider of enterprise-class digital
signage solutions.
The deal was led and agented by one of Kayne’s middle market
lending funds, Kayne Senior Credit Fund, L.P. Comvest Partners,
through its fund Comvest Capital II L.P., provided $8,000,000 of
the $24,000,000 term loan.
The combination of RMG and Symon creates a leading digital
signage media company that offers intelligent visual technology
solutions to enterprise customers and leadership in digital
place-based media to advertisers. RMG Networks now has over 7,500
customers including approximately 70% of the Fortune 100, a
majority of the Fortune 500, and over 1 million installed
screens.
Gregory Sachs, Executive Chairman of RMG Networks said, "I am
very excited about this new business combination. Our goal is to
become a premier platform for providing customers and partners
intelligent visual communications solutions and we will move
swiftly to capture opportunities in this highly fragmented space. I
believe we have the right lenders to help execute this strategy, as
demonstrated in their hard work to help us get the transaction done
quickly and efficiently."
Ken Leonard, Managing Partner, Kayne Senior Credit Fund, L.P.
said, “The transaction represented a unique opportunity to finance
two industry leading companies with niche focuses in defensible
markets. We are delighted to have closed the transaction and look
forward to working with the company in meeting future growth
needs.”
Dan Lee, Managing Director, Comvest Partners, said, “We were
impressed by both RMG and Symon, and particularly by the quality of
their management teams. This was an opportunity to support Mr.
Sachs and Kayne Anderson, who we have known for years and think
very highly of. We look forward to supporting the business with
additional capital and building a very productive relationship with
Kayne Anderson over the years.”
About RMG Networks:
RMG Networks is a leading provider of complete digital signage
solutions. Its RMG Media Networks business unit engages elusive
audience segments with relevant content and advertising delivered
through digital place-based networks, including the largest digital
airline media network with a monthly audience of more than 35
million passengers and a mall media network reaching over 62
million monthly viewers in 161 shopping malls across the United
States. Its RMG Enterprise Solutions business unit provides digital
signage hardware, software and services to power state-of-the-art
visual communication implementations for critical contact center,
supply chain, employee communications, hospitality, retail and
other applications. The company is based in Plano, TX and operates
offices in major cities throughout the United States and in the
United Kingdom, China, India and the U.A.E. Its securities are
traded on the NASDAQ Capital Market (RMGN) and the OTC Bulletin
Board (SCGQU and SCGQW). For more information visit
www.rmgnetworks.com.
About Comvest:
Comvest Partners, with $1.1 billion of assets under management,
provides flexible financing solutions to lower middle-market
companies through its equity and debt funds, often meeting
time-critical and complex funding requirements. Our firm
includes seasoned, senior level operating executives who partner
with managers and owners of companies to operationally improve
businesses and create long-term value. Since 2000, Comvest has
invested more than $1.7 billion of capital in over 115 public and
private companies. Please visit www.comvest.com.
About Kayne Middle Market Credit:
Kayne Anderson Middle Market Credit, with offices in New York,
Houston, and Los Angeles, is a private debt platform focused
exclusively on meeting the financing needs of middle market
companies. With $9551 million of capital raised, Kayne Anderson
Middle Market Credit provides complete capital solutions, including
senior secured bank debt, junior secured debt, unitranche debt,
mezzanine debt and preferred and common equity to companies in a
variety of different industries predominantly across North America.
Kayne Anderson Middle Market Credit is a part of Kayne Anderson
Capital Advisors, L.P. ("Kayne Anderson") a leading alternative
investment management firm with $21 billion in assets under
management (as of 4/30/13) and nearly 30 years of successful
investing experience. Kayne Anderson focuses on niche investing in
middle market credit, energy and energy infrastructure, real
estate, growth equity, and municipal opportunities. For more
information, please visit www.kaynecapital.com.
1 Includes total commitments raised for Kayne Anderson Mezzanine
Partners (“KAMP”) and Kayne Senior Credit Fund (“KSCF”), targeted
capital for Kayne Credit Opportunity Fund, L.P. (“KCOF”) and
strategic relationships and separately managed accounts in the
strategy.
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