Listen to this articleSportime, an owner and operator of tennis, sports and pickleball clubs on Long Island and throughout the New York area, has raised $144 million in debt financing from Comvest Credit Partners.
The capital will be used to refinance existing debt and to fuel the development of a 20-court tennis and pickleball club in Westchester County and a golf, turf sports and children’s camp facility in New York City, according to a company statement.
Investment bank, Cascadia Capital, facilitated Sportime’s partnership with Comvest Credit, managing due diligence and negotiation processes and consulting on a financing structure aligned with Sportime’s long-term goals. The funding marks a new phase of growth for Sportime and will enable the company to grow its brands, as it expands its footprint.
“We are very excited to have partnered with Comvest at this critical moment of growth and opportunity at Sportime,” Claude Okin, president and CEO of Sportime, said in the statement. “Comvest understands where we are going, and they share and support our vision. This relationship will enable Sportime to expand our geography and to continually upgrade our facilities and programming to better serve our players and community members. We look forward to achieving great things, as we strive to meet the increasing demand for recreational and competitive racket and paddle sports, and much more.”
Nick McClelland, managing director and co-head of consumer and retail at Comvest Credit, said the firm is pleased to support Sportime’s continued growth and success.
“Sportime has a track record of excellence in tennis and sports programming, and as a leader in its markets,” he said. “We hope that Comvest Credit’s support will allow the Sportime management team to take the company’s success to a new level.”
Sportime Pickleball is in the midst of a major expansion of its facilities. Great Neck-based Hornig Capital Partners recently worked on a $2.5 million redevelopment in Westbury that created a 30,000-square-foot pickleball facility.
The new Westbury venue, designed by Mojo Stumer Associates, is housed in three buildings on 1.6 acres at 575 Merrick Ave. and features 13 indoor pickleball courts, a café, pro shop, two party rooms, new locker rooms and showers. The developer is also working on new Sportime Pickleball facilities in Armonk, Englewood, N.J. and Wayne, N.J.
The company invested $8 million towards renovations of its 200,000-square-foot Sportime John McEnroe Tennis Academy in Port Washington, which has 13 tennis courts and 12 pickleball courts.
Founded in 1994, Sportime has 17 locations offering 192 indoor and outdoor tennis courts, 93 pickleball courts, and a variety of sports and fitness facilities.