Abacus Finance Group has provided financing to back Riverside Partners‘ leveraged buyout of 3Play Media Inc, a provider of closed captioning, transcription and audio description. No financial terms were disclosed. Abacus was the administrative agent and sole lender for the credit facilities.
NEW YORK, NY, May 22, 2019 – Abacus Finance Group, LLC, a leading provider of cash flow-based, classic senior debt financing for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA, announced today that it served as Administrative Agent and Sole Lender for senior secured credit facilities to support the leveraged buyout of 3Play Media Inc. by Riverside Partners.
3Play Media provides closed captioning, transcription, and audio description to more than 2,500 customers including in higher education, enterprise, entertainment, and government. Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund VI. The fund focuses on growth-oriented companies primarily in the technology and healthcare industries.
“As we have come to expect from the Abacus team, the transaction was handled smoothly and rapidly from the outset,” said Michelle Noon, a General Partner at Riverside Partners. “We were impressed by the Abacus team’s industry knowledge, speed of execution and high conviction to close the transaction, all important criteria to our lender selection.”
“As Michelle noted, this was our second transaction with Riverside,” said Tim Clifford, President and CEO of Abacus, “and as before, they brought us a company of exceptional quality. We were well prepared for due diligence since we know the software and media technology space well, especially the closed captioning and transcription sector. Therefore, we were able to move quickly – an important aspect of Making Life Easier™ through our Total Partnership Approach™.”
Abacus team members involved in the transaction included Sean McKeever, Jonathan Choa, Joseph Lee, and Jacob Wise. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About 3Play Media
3Play Media provides closed captioning, transcription, and audio description to more than 2,500 customers including in higher education, enterprise, entertainment, and government. 3Play Media simplifies the process of making videos accessible through flexible APIs, integrations with video players and platforms, simple plugins, and a user-friendly online account system. Please visit 3playmedia.com for more information.
About Riverside Partners, LLC
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund VI. Riverside Partners focuses on growth-oriented companies in the technology and healthcare industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. For more information, visit riversidepartners.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 across diverse industries. Since its inception in June 2011, it has closed over $2 billion in financings. Abacus targets debt financing opportunities of up to $75 million with a typical hold size ranging from $10 million to $40 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.