NEW YORK — August 4, 2020 9:00 AM EDT

Morgan Stanley Private Credit and Comvest Partners are pleased to announce their role as co-lead arrangers in providing $90.0 million in junior capital securities to von Drehle Corporation (“von Drehle,” or the “Company”), a leading manufacturer of away-from-home paper products.

“We are pleased to support von Drehle in this comprehensive recapitalization of the Company’s balance sheet and look forward to a successful partnership over the coming years,” said Ashwin Krishnan, Managing Director and a Portfolio Manager of Morgan Stanley Private Credit. “We believe this financing leaves von Drehle well positioned and well capitalized for the future needs of the business,” said Bill Gassman, Executive Director of Morgan Stanley Private Credit.

"von Drehle Corporation is uniquely positioned as a result of its domestic manufacturing capacity and multiple converting facilities across the country,” said Tom Clark, Partner at Comvest. “We are excited to support von Drehle and its management team in continuing to deliver its high-quality products and service levels to its customers,” said Dan Lee, Partner at Comvest.

Headquartered in Hickory, North Carolina, von Drehle Corporation is a leading independent vertical-integrated manufacturer of paper tissue and towels. With its best-in-class paper making facilities in Cordova, North Carolina, and Natchez, Mississippi, coupled with a broad footprint of paper converting facilities, von Drehle is able to supply accounts nationwide with industry-leading customer service. The von Drehle family founded the business in 1974 and remain the controlling shareholders of the Company today. For more information, please visit the website http://www.vondrehle.com.

About Morgan Stanley Private Credit

Morgan Stanley Private Credit, part of Morgan Stanley Investment Management, is a private credit platform focused on direct lending and opportunistic private credit investing in North America and Western Europe. Morgan Stanley Private Credit brings significant expertise in origination, structuring, credit analysis and principal investing with the ability to invest across the debt capital structure, including senior secured loans, unitranche loans and junior debt. For further information, please visit the website https://www.morganstanley.com/im/privatecredit.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

About Comvest Partners

Comvest Partners is a private investment firm providing equity and debt to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $5.1 billion. Today, Comvest’s funds have over $3.6 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, Comvest Partners offers companies financial sponsorship, critical strategic and operational support, and business development assistance. For more information, please visit the website https://comvest.com.