ABACUS FINANCE PROVIDES $23 MILLION IN SENIOR DEBT FINANCING TO SUPPORT THE RECAPITALIZATION OF GLOBAL LT, INC., A VICENTE CAPITAL PARTNERS PORTFOLIO COMPANY
New York, NY, July 14, 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 $23 million senior secured credit facility to support the recapitalization of Global LT, Inc., a Vicente Capital Partners portfolio company.
Global LT, Inc., based in Troy, MI, is a leading provider of outsourced language training, translation and mobility solutions that empower corporate employees to live and work successfully anywhere in the world. Los Angeles-based Vicente Capital Partners is a private equity firm specializing in both non-control and control equity investments in growth businesses that have annual revenues between $5 million and $50 million.
“Once again, the Abacus Finance team proved to be a trusted partner on a transaction that required a tight turnaround,” said Jay Ferguson, Managing Partner at Vicente Capital Partners. “We have a great relationship with the team at Abacus,” added Jason Beck, Principal at Vicente Capital Partners. “With their knowledge of the company and the industry, due diligence was efficient and quick, and Abacus was able to deliver certainty of close early in the process.”
“Vicente Capital Partners is a great fit for us given their lower-middle market focus and expertise in software, technology-enabled business services, healthcare, and specialty manufacturing,” said Abacus Senior Vice President Timothy Wong. “Open in their communications and loyal,” added Tim Clifford, President and CEO of Abacus, “they are easy to work with and place a high value on our knowledge of their target market and ability to provide certainty of close – important aspects of the Abacus Finance 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 Global LT, Inc.
Founded in 1979, Global LT, Inc. is a leading worldwide provider of language training, translation, cultural interpretation, and expatriate destination services to multinational corporations with a mission to empower employees to live and work successfully anywhere in the world. Services and solutions are offered in more than 60 languages and are backed by a proven track record of experience and client acknowledgment. Headquartered in Troy, Michigan, Global LT has entities in Brazil, China, Hong Kong, and the U.K. Visit global-lt.com for more information.
About Vicente Capital Partners
Vicente Capital Partners makes non-control and control equity investments in growth businesses that have annual revenues between $5 million and $50 million. The firm has a long track record of successfully partnering with management teams to create and realize value across a number of different industries including business services, consumer services, and specialty manufacturing. Investors in Vicente Capital Partners’ private equity fund include some of the nation’s premier institutional investors. Visit vicentecapital.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.