Cynergy Data wraps $81 million sale of assets to Comvest Group

By Jennifer Chiou

New York, Oct. 28 - Cynergy Data, LLC announced the completion of the sale of substantially all of its assets to the Comvest Group for $81 million less than two months after its Chapter 11 filing.

Cynergy Holdings, LLC, an investment vehicle that is managed by Comvest Group, has acquired the assets of Cynergy Data.

The company sought approval from the U.S. Bankruptcy Court for the District of Delaware for its transaction with the Comvest Group as stalking horse bidder. Cynergy Data said that following an extensive marketing and sale process, Comvest emerged as the victorious bidder and the court approved the sale on Oct. 9.

According to a company news release, the closing culminates Cynergy Data's expedited bankruptcy sale process.

The Comvest Group, a provider of capital to the financial technology markets, is investing $35 million into the business.

On Oct. 2, the company received authorization for full access to its debtor-in-possession financing from Comerica Bank, Wells Fargo Foothill LLC, Harris, NA and Moneris Solutions Inc., pending entry of a court order. As previously reported, the DIP loan consists of a working capital facility and a $7.5 million interchange DIP facility.

Cynergy Data, a New York-based credit card processing service, filed for bankruptcy on Sept. 1 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-13038.

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