New York-based Abacus Finance Group announced Wednesday that it had supported the recapitalization of BioPharm Communications by Southfield Capital. Abacus served as Administrative Agent and Sole Lead Arranger for $18.5 million in senior cash-flow financing to support the majority recapitalization, the firm said.
Abacus Finance Group, LLC (Abacus), a New York-based specialty finance company, announced today that it served as Administrative Agent and Sole Lead Arranger for $18.5 million in senior cash-flow financing to support the majority recapitalization of BioPharm Communications, LLC (BioPharm) by Southfield Capital (Southfield). In addition to providing the financing, Abacus, which focuses exclusively on providing cash flow financing for private equity-sponsored, lower-middle market companies, made an equity co-investment in BioPharm.
BioPharm, based in New Hope, PA, is a leading medical communications company that specializes in the development and multi-channel deployment of promotional medical education programs via its proprietary branded non-personal, peer-to-peer solutions. BioPharm’s solutions are being leveraged across the pharmaceutical and biotechnology industries. Headquartered in Greenwich, CT, Southfield Capital provides capital for majority recapitalizations and management-led buyouts of lower middle-market businesses. Boathouse Capital and CMS Mezzanine, which provided mezzanine financing, joined Abacus in the transaction, and Goulston & Storrs, LLP served as legal counsel to Abacus.
“Abacus proved to be the ideal financing partner for this investment,” said Andy Levison, Founder and Managing Partner of Southfield. “They were great to work with, incredibly supportive, and a tremendous resource throughout the process. We wholeheartedly recommend Abacus to any private equity sponsor looking for a financing partner that they can count on.”
“We are thrilled to add BioPharm to our portfolio, as its profile of a growing and profitable business with strong management serves as an excellent fit with our investment strategy,” said Tim Clifford, President and CEO of Abacus. “From the outset, Southfield recognized and appreciated that we are a very relationship-focused firm, part of what we call our Total Partnership ApproachTM that emphasizes speed, certainty of close, industry experience, and flexibility in transaction structuring.”
About BioPharm Communications, LLC
Headquartered in New Hope, PA, BioPharm creates promotional medical education content in collaboration with key opinion leaders and delivers it to healthcare practitioners through the company’s comprehensive suite of proprietary branded programs. BioPharm leverages its multi-channel “surround sound” delivery capabilities to reach and engage their pharmaceutical and biotechnology clients’ targeted clinicians with the robust content that it creates. BioPharm’s delivery channels maximize both on-line and off-line clinician engagements through channels which include: targeted direct mail, e-mail, web hosting, web banners, search engine marketing, CD-ROM, mobile devices, selling kits for sales specialists and/or convention distribution, dinner meetings and teleconferences. BioPharm leverages its experienced account managers, streamlined processes and extensive content development expertise across numerous therapeutic classes to deliver campaigns that generate industry leading engagements and ROIs. Visit biopharmcommunications.com for more information.
About Southfield Capital
Founded in 2005, Southfield Capital provides capital for majority recapitalizations and management-led buyouts of lower middle-market businesses. The firm makes control investments in North American companies generating $5-$15 million in EBITDA with proven business models, attractive growth and profitability trends and solid leadership. Headquartered in Greenwich, CT, Southfield Capital also has offices in Alexandria, VA and Louisville, KY. Visit southfieldcapital.com for more information.
About Abacus Finance Group, LLC
Abacus Finance, headquartered in New York, is a lower-middle market specialty finance company, focused on providing senior cash-flow financing to private equity-sponsored 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 sponsored by New York Private Bank & Trust, the holding company for Emigrant Bank, founded in 1850, the largest privately held bank in America with approximately $12 billion in assets.