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Abacus Finance Provides $17MM in Debt Financing to Support LBO of ChoiceSpine by Altus Capital Partners

December 03, 2018, 07:06 AM
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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 Lender in support of the leveraged buyout of ChoiceSpine, LLC by Altus Capital Partners.

ChoiceSpine™ is a privately-held spinal device company located in Knoxville, TN. The company offers a breadth of innovative and surgeon-focused systems that are designed to be safe, efficient, and easy-to-use. Altus Capital Partners is a private equity firm that makes control investments in middle market manufacturing businesses. With offices in Wilton, CT and Lincolnshire, IL, Altus Capital Partners has completed 18 platform investments and numerous add-on acquisitions since 2003. 

“The Abacus team knows the industry very well as they have made multiple medical device investments,” said Gregory L. Greenberg, Altus Capital Founder and Senior Partner. “The important factors for us, in addition to industry knowledge, were their speed and ability to guarantee certainty of closure early in the process.”

“We’re very excited – in our second transaction with Altus Capital – to support its investment in ChoiceSpine,” said Tim Clifford, President and CEO of Abacus. “As Gregory noted, Altus valued our flexibility and the quick close – key elements of what we call our Total Partnership Approach™,” added Abacus Senior Vice President Eric Petersen.

Abacus team members involved in the transaction included Eric Petersen and Rafal Rydzewski. Legal counsel was provided to Abacus by Goulston & Storrs, PC.

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