Abacus Finance Group has provided credit facilities to back Clearview Capital’s recapitalization of Next Next Media. No financial terms were disclosed. Abacus was the administrative agent and lead arranger on the financing. Based in St. Petersburg, Florida, Next Net Media is an online company.
New York, NY, October 4, 2021 – Abacus Finance Group, LLC – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies – today announced that it served as Senior Secured Credit Facilities Administrative Agent and Lead Arranger for senior secured credit facilities to support the recapitalization of Next Net Media, LLC, a Clearview Capital portfolio company. Abacus also made an equity co-investment in Next Net Media.
Next Net Media, LLC is an online technology company based in St. Petersburg, Florida. Clearview Capital is a private investment firm specializing in control and non-control investments of North American companies with operating profits of $4 million – $20 million.
“This is a new relationship for us,” said Clearview Capital Principal Geoffrey Faux, “and we had a great experience with Abacus – they were flexible, responsive, and worked efficiently to close the transaction on time.”
“We are thrilled to close our first transaction with Clearview Capital,” said Tim Clifford, President and CEO of Abacus Finance. “We were impressed by the quality of their due diligence and are excited about adding Next Net Media to our portfolio as they move into their next stage of growth.”
“We worked as true partners with Clearview in this transaction,” added Aized Rabbani, Managing Director at Abacus, “which made our underwriting and documentation easy. We were able to move fast and close on time – important aspects of Making Life Easier™ through our Total Partnership Approach™.”
Abacus team members involved in the transaction included Aized Rabbani and Austin Rendell. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Next New Media, LLC
Next Net Media, LLC is an online technology company based in St. Petersburg, Florida. Its brands include a variety of internet-based businesses with a focus on content creation, marketing, and freelance services. These include The Hoth, FreeUp, and Iwriter. Please visit nextnetmedia.com for more information.
About Clearview Capital:
Clearview Capital, L.P. is a private investment firm specializing in control and non-control investments of North American companies with operating profits of $4 million – $20 million. The firm’s investment professionals have a long track record of completing transactions and of working collaboratively with management to create and realize value. Please visit clearviewcap.com for more information.
About Abacus Finance Group, LLC
Celebrating its tenth anniversary in 2021, Abacus Finance is a leading direct lending company, focused on providing cash flow senior financing to private equity/family office-sponsored, lower-middle market companies across diverse industries. Since Abacus’s inception in 2011, it has closed over $2 billion in financings. The firm targets private debt financing opportunities of up to $50 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.