ABACUS FINANCE PROVIDES $14 MILLION IN SENIOR DEBT FINANCING TO SUPPORT THE RECAPITALIZATION OF VC3 FOR WESTVIEW CAPITAL PARTNERS
New York, NY, February 29, 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 Sole Lead Arranger for $14 million in senior secured credit facilities to support the recapitalization of VC3, Inc., a WestView Capital Partners III, L.P. (WestView) portfolio company. Abacus also made an equity co-investment in VC3.
Headquartered in Columbia, South Carolina, VC3 offers a full suite of managed IT solutions including private cloud hosting of industry specific applications, hosted desktops, hosted VoIP, fully managed networks and 24×7 help desk services. Boston-based WestView, a private equity firm focused exclusively on middle market companies, manages approximately $1 billion in capital.
“We selected the Abacus team, whom we have known for many years, for two reasons,” said Matt Carroll, General Partner of WestView. "One, they are easy to work with, and two, they are extremely reliable. Once again, the entire process was handled smoothly and efficiently.”
“We are fortunate to have a great working relationship with WestView, a terrific sponsor firm with a great track record,” said Tim Clifford, President and CEO of Abacus Finance. “They provide full transparency during the due diligence process which enables us to provide a timely close – an important aspect of what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included Sean McKeever and Rafal Rydzewski. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About VC3, Inc.
VC3 is a leading managed services provider with a unique focus on the municipal government sector. Founded in 1994 and headquartered in Columbia, South Carolina, the Company offers a full suite of cloud and Managed IT solutions with a focus on higher value services including application management, infrastructure hosting, custom software and web development. The Company provides a wide range of hosted applications in the Cloud, including desktops, unified communications, and has virtualized and hosted over 300 applications. By offering a comprehensive set of products and services that cater to a wide range of IT requirements, including application and web development services, VC3 has multiple points of entry for initiating a client relationship and an established track record for cross-selling additional services over successive years. Visit vc3.com for more information.
About WestView Capital Partners
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1 billion in capital across three funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions in industries such as business services, software and IT services, consumer, healthcare technology and outsourcing and growth industrial. WestView invests in companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $50 million. Visit wvcapital.com for more information.
About Abacus Finance Group, LLC
Abacus Finance is a leading direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies across a wide array of industries. Since its inception in June 2011, it has closed over $2 billion in financings. Abacus targets debt financing opportunities of up to $75 million with a typical hold size ranging from $10 million to $40 million, and finances companies with EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust which was founded in 1850.
Abacus Finance is located at 335 Madison Avenue, 23rd 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. Please 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, and our way of Making Life Easier over the lifecycle of each investment for our private equity sponsors.