New York-based Abacus Finance Group announced Tuesday that it served as administrative agent and sole lead arranger of $25 million in financing to support the buyout of Z-Medica Corp. by DW Healthcare Partners. Based in Wallingford, Conn., Z-Medica is a medical products company that develops hemostatic agents. DW Healthcare Partners is a private equity firm based in Park City, Utah.
Abacus Finance Group, LLC (Abacus), a New York-based specialty finance company, announced today that it served as Administrative Agent and Sole Lead Arranger of $25 million in senior cash-flow financing to support the leveraged buyout of Z-Medica Corporation (Z-Medica) by DW Healthcare Partners, LLC (DWHP). 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 Z-Medica. Zions Bank participated in the financing of the transaction, CMC Consulting (Boston office) acted as financial advisor to Z-Medica, and Goulston & Storrs, LLP provided legal counsel to Abacus,
Based in Wallingford, CT, Z-Medica Corporation is a medical products company that develops innovative hemostatic agents. Headquartered in Park City, UT, DW Healthcare Partners is a private equity firm managing over $465 million in capital focused exclusively on the healthcare industry.
“This was a new relationship for us,” said Doug Schillinger, a Managing Director of DW Healthcare Partners, “and it proved to be a terrific one. The team at Abacus responded quickly, was tremendously enthusiastic, and gave us certainty of a close early on. They are definitely a firm we will turn to going forward.”
“DW Healthcare Partners’ exclusive focus on healthcare is a perfect match for us in terms of both our investment focus and our prior transaction experience,” said Tim Clifford, President and CEO of Abacus. “DWHP brought us a profitable and growing company in Z-Medica, a market leader with an impressive management team which will be led by Larry Hicks, a seasoned healthcare executive. What was especially important to both DWHP and Z-Medica was our substantial experience within healthcare, being easy to work with, and our flexibility in structuring this financing – all important aspects of what we call our Total Partnership ApproachTM.”
About Z-Medica Corporation
Z-Medica Corporation, based in Wallingford, CT, is a medical device company developing innovative hemostatic agents. Their mission is to develop fast acting, easy to use, hemostasis products that stop bleeding wherever it occurs, enabling their customers to save lives and improve patient outcomes. The company manufactures and markets its QuikClot family of hemostasis products for use by healthcare professionals, first responders, law enforcement officers and the military. For more information, please visit http://www.z-medica.com.
About DW Healthcare Partners, LLC
DW Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. The firm manages over $465 million in committed capital and invests in profitable healthcare companies with proven management teams. DW Healthcare Partners is led by seasoned healthcare executives with more than 110 years of combined industry experience. The firm provides the capital, strategic guidance, and acquisition expertise to help mid- to late-stage companies realize their potential for growth. For more information, please visit: www.dwhp.com.
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 an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank, founded in 1850, the largest family-owned bank in America with approximately $10 billion in assets.