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Abacus Finance Supports Recap of Receivable Solutions by WestView Capital Partners

October 08, 2019, 09:00 AM
Filed Under: Healthcare

Abacus Finance Group, LLC, a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA, announced that it served as Administrative Agent and Co-Lead Arranger for $48 million in senior secured credit facilities to support the recapitalization of Receivable Solutions, LLC by WestView Capital Partners. Abacus also made an equity co-investment in Receivable Solutions.

Founded in 1999 and headquartered in Columbia, SC, Receivable Solutions is a national provider of revenue cycle management services to hospitals and health systems. 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.

“We have known and worked with some of the Abacus team members for more than 20 years, and they once again delivered a financing solution that precisely meets the needs of the company,” said WestView Capital General Partner Matthew T. Carroll. “They were able to provide certainty early in the process, and, as always, they were responsive, efficient, and easy to work with.”

“It was great to partner with Receivable Solutions’ highly skilled management team,” said Tim Clifford, President and CEO of Abacus, “and to work with a terrific sponsor with deep expertise in the healthcare space. Overall, the due diligence process went smoothly, and we were able to act quickly – an important aspect of Making Life Easier™ through our Total Partnership Approach™.”

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

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