Persante Health Care, a portfolio company of Harren Equity Partners, recently wrapped up a refinancing, with Abacus Finance Group acting as Administrative Agent and Sole Lead Arranger for senior secured credit facilities. Based in Mt. Laurel, NJ, Persante is a provider of outsourced sleep disorder diagnostic services and therapeutic solutions.
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 senior secured credit facilities to support the refinancing of Persante Health Care, Inc. (Persante), a portfolio company of Harren Equity Partners, LLC (Harren). Abacus focuses exclusively on providing senior cash-flow financing for private equity-sponsored, lower-middle market companies.
Based in Mt. Laurel, NJ, Persante is a leading provider of outsourced sleep disorder diagnostic services and therapeutic solutions to hospitals and physicians in the Northeast region. With more than $250 million under management, Harren is a Charlottesville, VA-based private investment firm focused on lower-middle market companies.
“We have known the Abacus team for a number of years,” said Harren Managing Partner Thomas A. Carver, “but this was our first transaction with them, and it was highly successful from our point of view. They proved to be flexible in their approach, and most importantly, they were able to provide certainty of close at a relatively early stage in the negotiations.”
“Harren’s lower-middle market focus and their investment criteria are a perfect match for us,” said Tim Clifford, President and CEO of Abacus. “Tom Carver, Garrick Brown and the entire Harren team are knowledgeable investment professionals and great to work with. As in other recent transactions, factors critical to success included our healthcare expertise, our strong working relationships with company management, and, as Tom mentioned, providing certainty of close early in the process – important aspects of what we call our Total Partnership ApproachTM.”
Other Abacus team members involved in the transaction included Robby Abraham. Bingham McCutchen LLP acted as legal counsel to Abacus.
About Persante Health Care, Inc.
Persante Health Care, a privately held company based in Mt. Laurel, NJ, is a leading provider of sleep disorder diagnostic services and therapeutic solutions. Persante is the largest provider of outsourced sleep diagnostic services and the largest provider of outsourced balance/vestibular testing to hospitals in the Northeast region. Persante currently manages over 80 sleep and balance diagnostic centers on behalf of more than 35 hospital partners in six states. Furthermore, Persante provides therapeutic solutions for sleep and respiratory disorders with an emphasis on convenience, continuity of care and high-quality patient outcomes. Visit persante.com for more information.
About Harren Equity Partners, LLC
Based in Charlottesville, VA, Harren Equity Partners is a private investment firm dedicated to the growth and development of industry-leading companies through the creation of strong partnerships with outstanding management teams. Harren’s unique approach focuses on operational excellence and insightful strategic analysis, rather than financial engineering. The principals of Harren have significant operating experience and work closely with portfolio company management teams to continue to grow companies and improve profitability. Harren focuses on investment opportunities in the lower-middle market, defined as companies with $20 million to $200 million of annual revenue across a broad range of industries. Visit harrenequity.com for more information.
About Abacus Finance Group, LLC
Abacus Finance, headquartered in New York, is a lower-middle market specialty finance company, focused on providing senior cash flow financing to private equity-sponsored 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, which was founded in 1850 and is the largest family-owned bank in America.
Abacus is headquartered at 6 East 43rd Street, 20th Floor, New York, NY 10017. All inquiries and new investment opportunities should be directed to Tim Clifford at 212-850-4620 or to [email protected] Visit abacusfinance.com for more information.