Abacus Financial Group LLC provided $18 million in credit facilities to support Altus Capital Partners‘ take-private acquisition of MGC Diagnostics Corp. Based in Saint Paul, Minnesota, MGC is a medical tech company focused on cardiorespiratory health solutions. Goulston & Storrs PC provided legal counsel to Abacus on the transaction.
NEW YORK, NY, January 23, 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 Sole Lender for $18 million in senior secured credit facilities to support the take-back private/leveraged buyout of MGC Diagnostics Corporation (MGC) by Altus Capital Partners (Altus). Abacus also made an equity co-investment in MGC.
Founded in 1977 and headquartered in Saint Paul, MN, MGC is a publicly traded medical technology company dedicated to cardiorespiratory health solutions. Altus – with offices in Wilton, CT and Lincolnshire, IL – is a private equity firm that makes control investments in middle market manufacturing businesses.
“This was our first transaction with the Abacus team,” said Gregory L. Greenberg, Altus Founder and Senior Partner, “and they lived up to their reputation. They were able to provide assurance of close early on, moved quickly, and showed real flexibility during negotiations.” “Not only that,” added Altus Partner Heidi M. Goldstein, “their due diligence process was as efficient and as smooth as any we have seen.”
“This was the first time we have provided financing for taking a publicly-held company private on the Abacus platform,” said Tim Clifford, President and CEO of Abacus. “Given the relative complexity of the transaction, the execution went extremely well. Altus appreciated our speed and efficiency – important aspects of the service provided in our Total Partnership Approach™.”
Abacus team members involved in the transaction included Aized Rabbani and Rafal Rydzewski. Legal counsel was provided to Abacus by Goulston & Storrs, PC.