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Abacus Finance Provides Debt Financing to VITAC Corporation

January 31, 2017, 06:47 AM
Filed Under: Investment Financing

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 that it served as Administrative Agent and Sole Lead Arranger for certain senior secured credit facilities to support the add-on acquisition Caption Colorado by VITAC, a portfolio company of Gores Small Capitalization Partners (Gores).

Headquartered in Greenwood Village, CO, Caption Colorado is a leading provider of closed captioning and related services in the United States. Founded in 1986 and based in Canonsburg, PA, VITAC is the largest U.S. provider of captioning services to the live and prerecorded television programming and entertainment industries. The Gores Group, founded in 1987 by Alec Gores and headquartered in Los Angeles, is a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base.

“We were delighted to partner with Abacus again as we continue to grow our investment in VITAC,” said Gores Principal Anthony Chirikos. “Once again, Abacus’ speed, certainty, and industry knowledge showed itself in an efficient execution.”

“This was our second transaction with a firm that has an impressive record of carve-out and integration transactions. They are easy to work with, and they place a high value on our flexibility and speed – key aspects of what we call our Total Partnership Approach™,” said Tim Clifford, President and CEO of Abacus. “This was another great transaction with The Gores Group. As before, we were impressed with their diligence skills,” added Abacus Senior Vice President Tim Wong.

Abacus team members involved in the transaction included Timothy Wong, Jonathan Choa and Joseph Lee. Legal counsel was provided to Abacus by Choate Hall & Stewart LLP.

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