Abacus Finance Group has provided $48 million in financing to back Westview Capital Partners‘ recapitalization of Receivable Solutions. Abacus was the administrative agent and co-lead arranger on the financing. Columbia, South Carolina-based Receivable Solutions LLC is a provider of revenue cycle management services to hospitals and health systems.
NEW YORK, NY, October 8, 2019 – Abacus Finance Group, LLC, a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA, today announced that it served as Administrative Agent and Co-Lead Arranger for $48 million in senior secured credit facilities to support the recapitalization of Receivable Solutions, LLC by WestView Capital Partners. Abacus also made an equity co-investment in Receivable Solutions.
Founded in 1999 and headquartered in Columbia, SC, Receivable Solutions is a national provider of revenue cycle management services to hospitals and health systems. WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds.
“We have known and worked with some of the Abacus team members for more than 20 years, and they once again delivered a financing solution that precisely meets the needs of the company,” said WestView Capital General Partner Matthew T. Carroll. “They were able to provide certainty early in the process, and, as always, they were responsive, efficient, and easy to work with.”
“It was great to partner with Receivable Solutions’ highly skilled management team,” said Tim Clifford, President and CEO of Abacus, “and to work with a terrific sponsor with deep expertise in the healthcare space. Overall, the due diligence process went smoothly, and we were able to act quickly – an important aspect of Making Life Easier™ through our Total Partnership Approach™.”
Abacus team members involved in the transaction included Sean McKeever, Brian Green and Jacob Wise. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Receivable Solutions, LLC
Receivable Solutions is a national provider of revenue cycle management (RCM) services to hospitals and health systems. Through its client-focused culture, Receivable Solutions delivers accounts receivable management and revenue cycle outsourcing services to accelerate provider cash flow, improve operating efficiencies and enhance profitability without sacrificing patient experience. The company’s solutions span the full RCM continuum, providing both point solutions to address specific client challenges and full end-to-end RCM outsourcing. Receivable Solutions was founded in 1999 and is headquartered in Columbia, South Carolina. Please visit receivable-solutions.com for more information.
About WestView Capital Partners
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth and consolidation transactions in industries such as healthcare technology and outsourcing, business services, software and IT services, consumer, and growth industrial. WestView invests in companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $60 million. Please visit www.wvcapital.com for more information.
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 Abacus’s inception in June 2011, it has closed over $2 billion in financings. The firm targets 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.