Abacus Finance Group, LLC, 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 lead arranger for senior secured credit facilities to support the leveraged recapitalization of Right Networks LLC by BV Investment Partners.
Founded in 2002 and headquartered in Hudson, NH, Right Networks is an application, hosting and service provider for small business applications, primarily Intuit QuickBooks. Boston-based BV Investment Partners is a leading middle-market private equity buyout firm, investing in the information and business services and communications sectors.
“This was our first transaction with Abacus, and we were really impressed by the speed and efficiency of their due diligence process,” said Matthew Kinsey, a partner in BV Investment Partners. “The team knew the sector, understood the business model and the risks,” added Sean Wilder, a Principal of the firm, “and we were able to go from mandate to close quickly.”
“This is a new relationship for us and a very promising one,” said Tim Clifford, President and CEO of Abacus. “All of us enjoyed working with Matt, Sean and their colleagues. They brought us a market-leading company, were responsive and easy to work with, and appreciated our strong industry knowledge and the quick close – key elements of what we call our Total Partnership Approach. We look forward to working with them on future transactions.”
Abacus team members involved in the transaction included Sean McKeever and Jonathan Choa, and legal counsel was provided to Abacus by Goulston & Storrs, PC.
Boston-based BV Investment Partners is a leading middle-market private equity buyout firm, investing in the business and IT services sectors. The firm, which is currently investing its eighth private equity fund, is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, it has invested over $2.9 billion in 86 companies.
Abacus Finance is a direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide. Formed in June 2011, Abacus targets debt financing opportunities of up to $60 million with a typical hold size ranging from $10 million to $30 million, and finances companies with 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.