ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING TO SUPPORT THE ACQUISITION OF BIOCHEMICAL DIAGNOSTICS, INC. BY KOVA INTERNATIONAL, INC., A ONE ROCK CAPITAL PARTNERS, LLC PORTFOLIO COMPANY


New York, NY, June 20, 2016 - 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 today that it served as Administrative Agent and Lead Arranger for a senior secured credit facility to support the acquisition of Biochemical Diagnostics, Inc, (Biomedical Diagnostics) by Kova International, Inc. (Kova). Kova is backed by an investor group that includes One Rock Capital Partners, LLC (One Rock), Laurel Crown Partners, StoneCreek Capital, and management.

Based in Garden Grove, CA, Kova is the leading developer, manufacturer, and marketer of in-vitro diagnostic products for the global urinalysis market. Biochemical Diagnostics, which is headquartered in Edgewood, NY, is a leading manufacturer and marketer of controls and disposable sample preparation products used in drugs of abuse testing.

“As was the case when Kova was acquired from Hycor Biomedical nearly three years ago, we chose to partner with Abacus because of their expertise in financing healthcare companies and ability to assure certainty of close early on,” said One Rock Partner Kimberly Reed. "Because of their knowledge of Kova from the earlier transaction,” added One Rock Principal Joshua Goldman, “the due diligence process was efficient and quick, ensuring an on-time close of the transaction.”

“One Rock has been terrific to work with, and they are a great fit for us given their investment strategy and their sector focus,” said Tim Clifford, President and CEO of Abacus Finance. “Their due diligence preparation was very thorough, and their team meshed smoothly with ours. As in other transactions, the critical success factors came down to our flexibility and our ability to provide certainty of close – both important aspects of what we call our Total Partnership Approach.”

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

About Kova International

Kova International, Inc., the former urinalysis division of Hycor Biomedical, operating under the KOVA® brand and headquartered in Garden Grove, CA, is a leading developer, manufacturer and marketer of in vitro diagnostic products for the global urinalysis market. Kova currently operates two product lines: urinalysis controls (“Kova Controls”) which are liquids used for automated and manual quality control testing and plastic disposables (“Kova Plastics”), such as slides, tubes, petters for use in manual microscopy urinalysis tests.  For more information about Kova and its products, visit kovaintl.com

About One Rock Capital Partners, LLC

One Rock Capital Partners is a private investment company with $430 million in capital that provides equity funding for high-potential middle-market businesses. One Rock enhances the value of its portfolio companies by bringing world-class operational, strategic, and financial resources to help company management achieve its goals. Its resources include a group of hands-on, highly accomplished, industry-specific Operating Partners and a strategic partnership with Mitsubishi Corporation. Visit onerockcapital.com for more information.

About Abacus Finance Group, LLC

Abacus Finance is a direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide.  Formed in June 2011, Abacus targets debt financing opportunities of up to $60 million with a typical hold size ranging from $10 million to $30 million, and finances companies with EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank, which was founded in 1850. 

Abacus Finance is headquartered at 6 East 43rd Street, 20th Floor, New York, NY 10017. All inquiries and new investment opportunities should be directed to Tim Clifford at 212-850-4620 or to cliffordt@abacusfinance.com. Visit abacusfinance.com for more information.

The Total Partnership Approach, which is a registered trademark of Abacus Finance, LLC, brings cash-flow financing expertise, deep industry knowledge and exceptional client service over the lifecycle of each investment.