minuteKEY completes $83 million capital raise with Comvest Partners
Lincoln International, a leading global mid-market investment bank, is pleased to announce the completion of an $83 million capital raise by minuteKEY (“minuteKEY” or the “Company”), the world’s first and largest network of self-service kiosks for accurate key duplication. Lincoln acted as the exclusive financial advisor to minuteKEY, arranging the $83 million of capital and placing it with Comvest Partners. Funds from the transaction will support minuteKEY’s growth strategy as it rolls out its latest generation of automated key duplication kiosks to retailers across the United States and Canada.
As minuteKEY’s exclusive financial advisor, Lincoln International worked closely with minuteKEY on all aspects of the transaction helping to structure, arrange and negotiate the financing. Randy Fagundo, CEO of minuteKEY, said, “We are excited to continue the expansion of the minuteKEY platform. Lincoln was a key partner in securing an attractive financing package for the Company that will allow us to serve more consumers and will further solidify our market-leading position.” Christine Tiseo, a Managing Director at Lincoln, added, “Lincoln is pleased to have closed on a new capital facility for minuteKEY. The company has tremendous opportunities to grow and we were glad to have had a small role to play in its current and future successes.”
The latest, third-generation kiosk builds on minuteKEY’s usability and product offerings and represents the next evolution in self-service key duplication technology. Like previous minuteKEY kiosk models, the third-generation kiosk provides quick and reliable self-service key duplication and has a simple and intuitive customer interface. Third-generation features include a smaller footprint, bigger screen and more key chutes to provide customers with additional key types and designs. minuteKEY has already rolled out its newest kiosk in select stores, and with the closing of the capital raise, minuteKEY will significantly ramp its production and rollout of this state-of-the-art machine. Andy Volkmann, CFO of minuteKEY, commented, “This capital raise provides the flexibility and commitment needed to drive growth in the minuteKEY platform while offering an opportunity to partner with a highly regarded institution.”
About minuteKEY
minuteKEY makes the world’s first patented, self-service key duplication kiosk. As innovators in an age-old industry, minuteKEY founders invested several years developing the technology to create a highly accurate, secure and easy-to-use key-cutting device. Today’s kiosk, found in thousands of high-traffic retail locations in the United States and Canada including Walmart, Lowe’s and Menards, combines innovations in robotics, electronics and software engineering. minuteKEY has copied over $140 million in keys to date and has been on the Inc. 5000 fastest growing company list for four consecutive years. See the minuteKEY website for more information and kiosk locations.
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle market companies across the U.S. Since its founding in 2000, Comvest Partners has invested over $2.9 billion in over 155 companies. Today, Comvest Partners’ funds have $2.8 billion of assets under management. Through its extensive capital resources and broad network of industry relationships, Comvest Partners offers companies financial sponsorship, critical strategic and operational support, and business development assistance.
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