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Abacus Finance Arranges $21MM Financing to Support Accuratus Buyout

October 10, 2016, 07:53 AM
Filed Under: Medical

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 it served as administrative agent and sole lead arranger for a $21 million senior secured credit facility to support the leveraged buyout of Accuratus Lab Services (Accuratus) by Thompson Street Capital Partners (TSCP) in partnership with its portfolio company Microbiology Research Associates (MRA).
Accuratus, which is based in Eagan, MN and was purchased from Avista Pharma Solutions, Inc., is the leading service provider to the developers, manufacturers, and users of antimicrobial products. Headquartered in Acton, MA, MRA is a provider of customized, microbiology testing services. Thompson Street is a St. Louis-based private equity firm that invests in service, distribution and manufacturing businesses.
“As usual, it was a pleasure to work with the Abacus team,” said Elizabeth R. Borow, Managing Director of Thompson Street. “We know them and their processes well, they are easy to work with, and they were once again able to provide certainty of closure early on.” 
“Our longstanding partnership with Thompson, which shares our lower-middle market focus, is without question one of our top client relationships,” said Tim Clifford, President and CEO of Abacus Finance. “They appreciate the speed and efficiency of our due diligence process, value our knowledge of specific industry sectors and, as Liz said, look to us for a quick decision with respect to closure – all elements of the level of service provided in our Total Partnership Approach™.”
Abacus team members involved in the transaction included Timothy Wong and Jonathan Choa, and legal counsel was provided to Abacus by Goulston & Storrs, PC.

Founded in 1988 and headquartered in Eagan, MN, Accuratus is a Good Laboratory Practice (GLP)-focused contract testing laboratory serving developers, manufacturers and users of antimicrobial pesticides, biocides and medical devices. It is the leading provider of antimicrobial and biocide efficacy testing services, contributing GLP efficacy data in support of its clients’ submissions to the Environmental Protection Agency.

Based in Acton, MA, MRA is a leading provider of customized, microbiology testing services with expertise in current Good Manufacturing Practices, United States Pharmacopeia testing for sterile and non-sterile product as well as Drug Quality and Security Act compliance for hospital pharmacies and compounding facilities. MRA is an FDA-registered contract laboratory specializing in product testing, validation and contamination control remediation for biopharma, medical device, pharmacy and cosmetic companies. Thompson Street Capital Partners acquired MRA in May 2015

Thompson Street Capital Partners is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses. Since 2000, it has acquired more than 100 companies in the business services, healthcare services and engineered products sectors. Its success comes chiefly from partnering with businesses to accelerate growth – creating value for founders, management teams and our investors. Thompson Street has managed more than $1.5 billion in equity across our four funds.

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. 

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