WestView Capital Partners has recapitalized Xtend Healthare. Abacus arranged $45 million in financing to support this transaction. Crescent Capital also participated in the financing. Based in Hendersonville, Tenn., Xtend Healthcare is a provider of revenue cycle outsourcing solutions for hospitals.
NEW YORK, NY, APRIL 7, 2014 – Abacus Finance Group, LLC (Abacus), a New York-based specialty lending company dedicated to providing cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced today that it served as Administrative Agent and Sole Lead Arranger for $45 million in senior secured credit facilities to support the recapitalization of Xtend Healthcare LLC by WestView Capital Partners (WestView).
Headquartered in Hendersonville, TN, Xtend Healthcare is a national provider of revenue cycle outsourcing solutions for hospitals. Boston-based WestView, a private equity firm focused exclusively on lower-middle market companies, manages approximately $1 billion in capital.
“Having worked with members of the Abacus team for over 15 years, we knew exactly what to expect – a quick underwriting commitment, the certainty of close, and seamless execution.” said Matt Carroll, General Partner of WestView.
“WestView is a longstanding sponsor client with whom we are fortunate to have a great working relationship,” said Tim Clifford, President and CEO of Abacus. “Matt Carroll and his partners know that we are easy to work with, and our due diligence process coupled with our knowledge of the healthcare sector were critical factors in a smooth and successful close – important aspects of what we call our Total Partnership ApproachTM.”
Abacus team members involved in the transaction included Sean McKeever and Eric Petersen. Abacus was joined in the financing by Crescent Capital. Legal counsel was provided to Abacus by Goulston & Storrs, LLP.
About Xtend Healthcare, LLC
Xtend Healthcare is a market leading provider of revenue cycle outsourcing solutions to the hospital market. The Company’s services range from short-term, resource intensive solutions for temporary accounts receivable issues to long-term, full-service, revenue cycle outsourcing. The Company’s client base encompasses both small, critical access hospitals as well as multi-hospital health systems. Xtend was founded in 2009 and is headquartered in Hendersonville, Tennessee. For more information, please visit www.xtendhealthcare.net.
About WestView Capital Partners, LP
WestView Capital Partners, a Boston-based private equity firm focused exclusively on lower middle market growth companies, manages approximately $1 billion in capital across three funds. WestView partners with existing management teams to sponsor majority and minority recapitalizations, growth, and consolidation transactions in a wide range of industries including healthcare services, business and technology services, software, industrial/manufacturing, and consumer/retail. WestView invests in companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $50 million. For more information, please visit www.wvcapital.com.
About Abacus Finance Group, LLC
Abacus Finance, headquartered in New York, NY, is a specialty lending company, focused on providing cash flow senior financing 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, which was founded in 1850.