Abacus Finance Group has provided $15 million credit facilities to back Five Points Capital’s recapitalization of Specialty Appliances. Based in Cumming, Georgia, Specialty Appliances is a maker of custom orthodontic appliances.
NEW YORK, NY, January 14 2020 – Abacus Finance Group, LLC, a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA, today announced that it served as Administrative Agent and Lead Arranger for $15 million in senior secured credit facilities to support the recapitalization of Specialty Appliances by Five Points Capital. Abacus also made an equity co-investment in Specialty Appliances.
Founded in 1981 and based in Cumming, GA, Specialty Appliances is a manufacturer and designer of custom orthodontic appliances. Five Points Capital is a Winston-Salem, NC-based private equity manager focused exclusively on supporting the capital needs of private, growth-oriented companies in the U.S. lower-middle market.
“This was our first transaction with Abacus, and we were impressed how smoothly, efficiently, and on time the whole process went,” said Five Points Capital Partner Marshall White. “The Abacus team was responsive, flexible, easy to work with, and knew the company,” added Five Points Vice President, Steele Windle.
“Although, as Marshall noted, it was our initial transaction with Five Points Capital, we have known members of the firm for many years. As I expected, they proved to be an excellent partner and easy to work with,” said Tim Clifford, President and CEO of Abacus. “Their level of due diligence was impressive and made our underwriting and documentation flow smoothly,” added Abacus Director Eric Petersen, “and were able to act quickly – an important aspect of being able to Count on Us ™ thanks to our Total Partnership Approach™.”
Abacus team members involved in the transaction included Eric Petersen and Austin Rendell. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Specialty Appliances
Founded in 1981 and based in Cumming, GA, Specialty Appliances is a leading manufacturer and designer of more than 100 types of customized orthodontic appliances. The company’s principal product lines are Herbst appliances, used most often in growing children to affect the skeletal and dental structures in multiple dimensions, Digital Indirect Bonding Services, which increase an orthodontist’s accuracy when applying traditional braces, Clear Image Aligners for easy-to-moderate orthodontic needs, and a wide range of other customized fixed metal, fixed expansion, and molar distalization appliances. Please visit specialtyappliances.com for more information.
About Five Points Capital
Founded in 1997, Five Points Capital is a leading independent private equity manager, exclusively focused on the U.S. lower middle market. Five Points manages direct private equity and credit strategies focused on supporting the capital needs of private, growth-oriented companies. Five Points makes direct equity investments as the lead investor, or co-investor with other private equity groups, in control transactions of privately-held companies. Five Points also provides unitranche or subordinated debt with equity co-investment in support of financial sponsors and others, as well as in non-sponsored recapitalizations or growth investment opportunities. Five Points is located in Winston-Salem, North Carolina and is an investment advisor registered with the U.S. Securities and Exchange Commission. Please visit fivepointscapital.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/family office-sponsored, lower-middle market companies across diverse industries. Since Abacus’s inception in June 2011, it has closed over $2 billion in financings. The firm targets private debt financing opportunities of up to $50 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.