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Abacus Finance Provides $20MM for Recap of AccountabilIT

September 24, 2018, 07:00 AM
Filed Under: Technology

Abacus Finance Group, LLC (Abacus), 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 Lead Arranger for $20 million in senior secured credit facilities to support the recapitalization of AccountabilIT by WestView Capital Partners. Abacus also made an equity co-investment in AccountabilIT.

Founded in 2016 and headquartered in Scottsdale, AZ, AccountabilIT is a full spectrum information technology services firm that strives to be a seamless extension of its clients’ IT organizations. WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds.

“The decision to select Abacus Finance for this transaction was easy,” said WestView Managing Partner Richard. J. Williams. “We have enjoyed a longstanding relationship with Abacus,” added Westview Principal Greg Thomas, “and, as in past transactions, they took the time to fully understand the cash flow needs of the business and provided a flexible financing solution that supports growth.”

“It was great to work once again with the WestView principals, some of whom we have known for more than a decade,” said Tim Clifford, President and CEO of Abacus Finance.“They have consistently brought us attractive opportunities like AccountabilIT that align well with our investment strategy.” “We were extremely impressed with AccountabilIT’s senior management team,” added Sean McKeever, Abacus Managing Director & COO, “and are excited to be their financing partner as they embark on the next stage of growth. As in other transactions, our success was a function of our speed, flexibility, and certainty of close – key aspects of what we call our Total Partnership Approach™.”

Abacus team members involved in the transaction included Sean McKeever and Brian Green. Legal counsel was provided to Abacus by Goulston & Storrs, PC.

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