Abacus Finance Group LLC said Sept. 20 that it provided a $20 million credit facility to support WestView Capital Partners’s recap of AccountabilIT. Abacus also invested in the company. AccountabilIT, of Scottsdale, Arizona, is an information technology services firm.
NEW YORK, NY, September 20, 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 Lead Arranger for $20 million in senior secured credit facilities to support the recapitalization of AccountabilIT by WestView Capital Partners. Abacus also made an equity co-investment in AccountabilIT.
Founded in 2016 and headquartered in Scottsdale, AZ, AccountabilIT is a full spectrum information technology services firm that strives to be a seamless extension of its clients’ IT organizations. 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.
“The decision to select Abacus Finance for this transaction was easy,” said WestView Managing Partner Richard. J. Williams. “We have enjoyed a longstanding relationship with Abacus,” added Westview Principal Greg Thomas, “and, as in past transactions, they took the time to fully understand the cash flow needs of the business and provided a flexible financing solution that supports growth.”
“It was great to work once again with the WestView principals, some of whom we have known for more than a decade,” said Tim Clifford, President and CEO of Abacus Finance.“They have consistently brought us attractive opportunities like AccountabilIT that align well with our investment strategy.” “We were extremely impressed with AccountabilIT’s senior management team,” added Sean McKeever, Abacus Managing Director & COO, “and are excited to be their financing partner as they embark on the next stage of growth. As in other transactions, our success was a function of our speed, flexibility, and certainty of close – key aspects of what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included Sean McKeever and Brian Green. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
Founded in 2016 and headquartered in Scottsdale, AZ, AccountabilIT is a full spectrum information technology services firm that strives to be a seamless extension of its clients’ IT organizations. AccountabilIT utilizes mature, repeatable processes in a way that is customer-focused and delivered in a framework that is aligned with customer priorities. AccountabilIT’s Customer First service delivery strategy is instrumental in leading the industry in customer satisfaction as measured by the Net Promoter score. Visit accountabilit.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 business services, software and IT services, consumer, healthcare technology and outsourcing 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. Visitwvcapital.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 nationwide. Since its inception in June 2011, it has closed over $1.7 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.
The Total Partnership Approach TM, which is a registered trademark of Abacus Finance, LLC, brings cash-flow financing expertise, deep industry knowledge and exceptional client service over the lifecycle of each investment.