Abacus Finance Group served as Administrative Agent and Joint Lead Arranger for $45 million in debt to support the formation of BIO-IVT Group by Thompson Street Capital Partners and management. Westbury, N.Y,-based BIO-IVT provides biological research materials to biopharmaceutical companies, contract research organizations, government and academic institutions.
NEW YORK, NY, July 16, 2013 – Abacus Finance Group, LLC (Abacus), a New York-based specialty finance company, announced today that it served as Administrative Agent and Joint Lead Arranger for $45 million in senior secured credit facilities to support the formation of BIO-IVT Group (BIO-IVT) by Thompson Street Capital Partners (Thompson Street) and management. In addition to the financing, Abacus, which focuses exclusively on providing cash flow senior financing for private equity-sponsored, lower-middle market companies, made an equity co-investment in BIO-IVT.
Westbury, NY-based BIO-IVT is a worldwide provider of biological research materials to biopharmaceutical companies, contract research organizations, government and academic institutions. Thompson Street is a St. Louis-based private equity firm that invests in service, distribution and manufacturing businesses.
“Abacus Finance’s experience, resources and partnership approach were absolutely critical for this transaction and led to a quick and efficient closing,” said Elizabeth R. Borow, Managing Director of Thompson Street. “We had a great experience with Abacus in a recent transaction, which made it very easy to go back to them given their healthcare industry knowledge and their willingness to structure a transaction that accommodates an aggressive growth strategy.”
“Having worked with the platform company in an earlier financing, our team knows the business well and thinks very highly of its management team,” said Tim Clifford, President and CEO of Abacus, “We are excited to be able to partner again with Thompson Street in support of a high quality company with a bright future as it enters the next stage of its growth. Our focus is on building strong and long-lasting relationships – part of our Total Partnership ApproachTM emphasizing speed, certainty of close, and flexibility in transaction structuring.”
Other Abacus team members involved in the transaction included Sean McKeever, Robby Abraham, and Chengyuan Zhao. Abacus was joined in the financing by Golub Capital and NXT Capital with legal counsel provided to Abacus by Goulston & Storrs, LLP.
About BIO-IVT Group
BIO-IVT, based in Westbury, NY, is comprised of companies providing biological products to the early stage drug discovery and development industry. Products include a complete range of plasma, serum, tissue and cellular material. Bioreclamation’s products enable scientists and biomedical researchers to better understand the pharmacokinetics and drug metabolism of newly discovered compounds and the effects on disease processes.
About Thompson Street Capital Partners
Thompson Street is a St. Louis-based private equity firm that invests in service, distribution and manufacturing businesses via recapitalizations, management buyouts, corporate divestitures and family businesses in transition. Founded in 2000, Thompson Street manages more than $800 million in private equity capital and is currently investing its third fund. The firm partners with management teams to increase value by accelerating growth, both organically and via complementary acquisitions. Visit tscp.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 cash flow senior 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 $30 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, which was founded in 1850 and is the largest family-owned bank in America.
Abacus is headquartered at 6 East 43rd Street, 20th 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.