Abacus Finance Group has provided debt financing to back Thompson Street Capital Partners’ refinancing of LifeSpan Biosciences Inc. Also, Abacus has made an equity co-investment in LSBio. No financial terms were disclosed. Abacus was the administrative agent and sole lead arranger for the credit facilities. Based in Seattle, LSBio is a provider of 75,000+ antibody SKUs and related reagents primarily for the academic and pharmaceutical research markets.
New York, NY, April 12, 2021 – 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 Sole Lead Arranger for senior secured credit facilities to support the refinance of LifeSpan Biosciences, Inc. (LSBio) by Thompson Street Capital Partners. Abacus also made an equity co-investment in LSBio.
Founded in 1995 and headquartered in Seattle, LSBio is a developer, manufacturer, and distributor of 75,000+ antibody SKUs and related reagents primarily for the academic and pharmaceutical research markets. Thompson Street Capital Partners is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses. Having acquired more than 150 companies, it has managed more than $2.6 billion since being founded in 2000.
“Once again, it was a pleasure to work with the Abacus team,” said Elizabeth R. Borow, Managing Director of Thompson Street. “We were facing a critical deadline to place this financing, and once again Abacus delivered. I continue to be impressed by their speed of execution and ease of documentation. As always, they were responsive, flexible, easy to work with, and able to provide certainty of closure early. The result was a smooth transaction completed on time.”
“Our longstanding partnership with Thompson, which shares our lower middle-market focus, has become one of our best client relationships,” said Tim Clifford, President and CEO of Abacus. “We know that when they come to us with a transaction, it will involve a high-quality company like LSBio.” “What is important to them – in addition to speed and certainty of close – is our flexibility in structuring transactions and the emphasis we place on exceptional client service – all part of our Total Partnership Approach™, added Sean McKeever, Abacus Managing Director and COO.”
Abacus team members involved in the transaction included Sean McKeever and Joseph Lee. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About LifeSpan Biosciences, Inc.
Founded in 1995 by Drs. Joseph Brown and Glenna Burmer and headquartered in Seattle, LSBio is a developer, manufacturer, and distributor of 75,000+ antibody SKUs and related reagents primarily for the academic and pharmaceutical research markets. Researchers within these institutions use antibodies to target antigens (pathogen) and understand where they are located within a cell or tissue sample. LSBio evolved from an immunohistochemistry services provider to offer a broad range of proprietary, value added and third-party antibody products in addition to other biological reagents. Through the experience gained by executing thousands of IHC studies and generating and testing many thousands of antibodies, LSBio has become a world leader in the antibody industry, with a reputation for excellence. Please visit lsbio.com for more information.
About Thompson Street Capital Partners
Thompson Street Capital Partners is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses. It has acquired more than 150 companies in the Healthcare & Life Science Services, Software & Technology Services and Business Services & Engineered Products sectors and has managed more than $2.6 billion since being founded in 2000. TSCP partners with management teams to increase value by accelerating growth, both organically and via complementary acquisitions. For more information, please visit tscp.com.
About Abacus Finance Group, LLC
Celebrating its tenth anniversary in 2021, 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 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.