Comvest Credit Partners provided a senior secured credit to support the acquisition of Education Solution Services (ESS) by The Vistria Group, a private investment firm.
Vistria bought a majority stake in ESS last January from private equity house Nautic Partners, which retained a minority holding in the company.
Founded in 2000, ESS is an independent staffing services provider in the substitute teacher staffing market. The Knoxville-based company contracts with more than 900 US school nationwide, representing more than four million students, to place qualified substitute teachers and other support staff in daily, long-term, and permanent K12 school district positions.
Derek Gould, principal at Comvest, said: “ESS is an attractive company with strong long-term growth prospects. ESS provides critical services to school districts that are increasingly seeking sustainable ways to optimise employee management and ensure equitable outcomes for their students. Comvest looks forward to supporting management as they expand ESS’s national reach and drive innovation in the outsourced managed educational services space.”
Joe Higginbotham, principal, at Comvest, added: “Comvest delivered a significant and creative debt financing solution that allows ESS to pursue desired growth initiatives and address challenges caused by the Covid-19 pandemic. Comvest is pleased to close our third transaction with The Vistria Group, a leading investor in the education space, in the past year.”
Date published: 15 March 2022