Abacus Finance Group has provided $17 million in senior debt financing to back Altus Capital Partners‘ acquisition of Knoxville, Tennessee-based ChoiceSpine, a spinal device company. Abacus served as administrative agent and sole lender on the financing.
NEW YORK, NY, December 3, 2018 – Abacus Finance Group, LLC (Abacus), a New York-based direct lending company that provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced today that it served as Administrative Agent and Sole Lender in support of the leveraged buyout of ChoiceSpine, LLC by Altus Capital Partners.
ChoiceSpine™ is a privately-held spinal device company located in Knoxville, TN. The company offers a breadth of innovative and surgeon-focused systems that are designed to be safe, efficient, and easy-to-use. Altus Capital Partners is a private equity firm that makes control investments in middle market manufacturing businesses. With offices in Wilton, CT and Lincolnshire, IL, Altus Capital Partners has completed 18 platform investments and numerous add-on acquisitions since 2003.
“The Abacus team knows the industry very well as they have made multiple medical device investments,” said Gregory L. Greenberg, Altus Capital Founder and Senior Partner. “The important factors for us, in addition to industry knowledge, were their speed and ability to guarantee certainty of closure early in the process.”
“We’re very excited – in our second transaction with Altus Capital – to support its investment in ChoiceSpine,” said Tim Clifford, President and CEO of Abacus. “As Gregory noted, Altus valued our flexibility and the quick close – key elements of what we call our Total Partnership Approach™,” added Abacus Senior Vice President Eric Petersen.
Abacus team members involved in the transaction included Eric Petersen and Rafal Rydzewski. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About ChoiceSpine, LLC
ChoiceSpine™ is a privately-held spinal device company located in Knoxville, TN. The company prides itself on providing excellent products and exceptional service to meet the needs of their customers. ChoiceSpine offers a breadth of innovative and surgeon-focused systems that are designed to be safe, efficient, and easy-to-use. By working closely with physicians and maintaining a service-focused distribution, ChoiceSpine will continue to bring technically-superior spinal products to market. For more information, please visit choicespine.com.
About Altus Capital Partners
Altus Capital Partners is a private equity firm that makes control investments in middle market manufacturing businesses. We believe that our exclusive focus on manufacturing provides us with a unique understanding of the opportunities and challenges faced by companies in the sector. We utilize a patient, thoughtful investment approach and seek to partner with the management teams of our operating companies to achieve growth. With offices in Wilton, CT and Lincolnshire, IL, Altus Capital Partners has completed 18 platform investments and numerous add on acquisitions since 2003. For more information, please visit altuscapitalpartners.com
About Abacus Finance Group, LLC
Abacus Finance is a leading direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide. Since its inception in June 2011, it has closed over $1.9 billion in financings. Abacus targets debt financing opportunities of up to $60 million with a typical hold size ranging from $10 million to $30 million, and finances companies with EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust which was founded in 1850.
Abacus Finance recently moved into its new headquarters at 335 Madison Avenue, 23rd Floor, New York, NY 10017. All inquiries and new investment opportunities should be directed to Tim Clifford at 212-850-4620 or to firstname.lastname@example.org. Visit abacusfinance.com for more information.