WestView Capital Partners has recapitalized Park Place Technologies. New York-based specialty finance company Abacus Finance Group served as Administrative Agent and Sole Lead Arranger for a $35 million credit facility supporting the recap. Abacus also made an equity co-investment in Park Place Technologies. Specific terms were not released. Cleveland-based Park Place Technologies is a provider of outsourced data center hardware maintenance.
Abacus Finance Group, LLC (Abacus), a New York-based specialty finance company, announced today that it served as Administrative Agent and Sole Lead Arranger for a $35 million credit facility in support of the recapitalization of Park Place Technologies by WestView Capital Partners (WestView) and the company’s management team. The credit facility, comprised of a cash flow-based term loan and revolver, will also be used to support Park Place Technologies’ future growth. In addition to providing the financing, Abacus, which focuses exclusively on providing senior cash-flow financing for private equity-sponsored, lower-middle market companies, made an equity co-investment in Park Place Technologies. Webster Bank participated in the financing, and legal counsel to Abacus was provided by Goulston & Storrs, LLP.
Cleveland-based Park Place Technologies is a leading provider of outsourced data center hardware maintenance, specializing in multi-vendor support for servers, storage and network equipment. WestView, a Boston-based private equity firm focused exclusively on lower-middle market companies, manages over $500 million in capital.
“Abacus Finance’s superb level of service, flexibility and direct industry knowledge made them an ideal partner for this investment,” said Richard J. Williams, Managing Partner of WestView. “The Abacus team’s ability to underwrite the entire debt financing and provide us with certainty of close proved to be instrumental in completing this transaction.”
“We are fortunate to have a great working relationship with WestView, a longstanding sponsor client. Time after time, WestView has brought us quality companies, and we are especially excited about this transaction involving Park Place Technologies, a clear leader in their industry led by a superb management team,” said Tim Clifford, President and CEO of Abacus. “Our knowledge of the sector and our willingness to fully fund the transaction led to a smooth and timely close – important aspects of what we call our Total Partnership ApproachTM.”
About Park Place Technologies
Park Place Technologies is a leading provider of data center hardware maintenance, specializing in multi-vendor support for servers, storage and network equipment. Established in 1991 and based in Cleveland, Park Place Technologies has expanded quickly over the past two decades to become a premier data center hardware services provider. With service locations around the globe, Park Place Technologies services tier-one OEM hardware equipment from EMC, IBM, HP, Sun/Oracle, Dell, NetApp, Cisco and Hitachi as well as legacy systems. Visit parkplacetechnologies.com for more information.
About WestView Capital Partners
WestView Capital Partners, a Boston-based private equity firm focused exclusively on lower-middle market companies, manages over $500 million in capital across two funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions across a wide range of industries including business and technology services, software, healthcare services, industrial/manufacturing, consumer/retail, and media/publishing. The firm targets companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $30 million. Visit wvcapital.com for more information.
About Abacus Finance Group, LLC
Abacus Finance, headquartered in New York, is a private specialty finance company focused exclusively on providing cash-flow-based senior secured debt solutions to private equity-sponsored, lower-middle market companies nationwide. Formed in June 2011, Abacus targets debt financing opportunities of up to $50 million with a typical hold size ranging from $10 million to $25 million, and the companies it finances generally have EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank, founded in 1850, the largest family-owned bank in America with approximately $10 billion in assets.