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Abacus Finance Supports Growth Recap of The Phia Group by WestView Capital Partners

October 15, 2018, 07:00 AM
Filed Under: Private Equity

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 $25.5 million in senior secured credit facilities to support the growth recapitalization of The Phia Group by WestView Capital Partners. Abacus also made an equity co-investment in The Phia Group.

The Phia Group is a provider of outsourced cost containment and payment integrity solutions for healthcare payers and the entities that service them. 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.

“Once again, we selected the Abacus team because of its industry knowledge in the healthcare sector,” said WestView General Partner Matt Carroll. “Equally important was their ability to provide certainty of close early on in the process.”

“Part of the Abacus mission is to back leaders in their niches, and The Phia Group is a trailblazer in its space,” said Tim Clifford, President and CEO of Abacus. “Lead investor Matt Carroll and WestView are best in class when it comes to healthcare technology and outsourcing. 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™.”

Abacus team members involved in the transaction included Sean McKeever and Brian Green while WestView’s team was composed of Matt Carroll, Jeff Clark and Kevin Twomey. Legal counsel was provided to Abacus by Goulston & Storrs, PC.

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