Baltimore-based ClearOne Advantage, which helps individuals resolve credit card and other unsecured debt, has secured an undisclosed amount in growth capital from Comvest Partners, a middle-market private investment firm in West Palm Beach, Fla.
“We believe ClearOne is well-positioned to capitalize on the significant industry tailwinds for debt relief services and execute on its strategic plan,” said Greg Reynolds, a partner at Comvest, which has provided capital to ClearOne since 2017. “We are excited to further advance our ongoing relationship with ClearOne.”
Founded in 2008, ClearOne provides offers full-service debt settlement programs to consumers across the country in exchange for fees.
“We look forward to Comvest’s continued support as ClearOne enters its next phase of growth,” said ClearOne founder and CEO Tomas Gordon, who has previously led CoreStar Financial Group and Artisan Mortgage. “Comvest brings ClearOne a wealth of sector experience along with meaningful capital and operational expertise that will help us capitalize on important growth opportunities and continue to expand our reach at a time of rising consumer debt.”
In 2019, The Baltimore Sun named ClearOne Advantage a Top Workplace, and its executive team won the “Exemplary Leadership” award. ClearOne has also been a finalist in The Baltimore Business Journal’s “Best Place to Work” awards.
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Comvest Partners is the successor firm to Commonwealth Associates, founded in 1988 by CEO Michael Falk. It provides equity and debt capital to lower middle-market companies. It has raised $5.5 billion from five funds. It recently provided capital to Apotheco Pharmacy Group and Oak Dental Partners. This year, Comvest has closed a new $2 billion fund, Comvest Partners Comvest Credit Partners VI, and acquired Behavioral Health Group for an undisclosed amount.
Today, Comvest manages more than $9.5 billion in assets, and has invested over $11.7 billion since inception. Besides its headquarters in West Palm Beach, Fla., it runs offices in Chicago and New York.
Falk received a B.A. in Economics from Queens College and has attended Stanford University’s Executive Program for small businesses and Harvard Business School’s CEO program.
