ABACUS FINANCE CLOSES $20 MILLION SENIOR FINANCING FOR THOMPSON STREET CAPITAL PARTNERS’ LEVERAGED BUYOUT OF TRISTAR GLOBAL ENERGY SOLUTIONS
January 26, 2015 - 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 $20 million in senior secured credit facilities to support the leveraged buyout of TriStar Global Energy Solutions, Inc. (TriStar) by Thompson Street Capital Partners (Thompson Street).
Houston-based TriStar is a leading industrial specialty services company that provides hydrocarbon cleaning and decontamination services in the United States and abroad primarily to refineries and petrochemical plants. Thompson Street is a St. Louis-based private equity firm that invests in service, distribution and manufacturing businesses.
“The Abacus team was there for us once again when we needed to close quickly,” said Elizabeth R. Borow, Managing Director of Thompson Street. "We went from mandate to funding in less than two weeks thanks to their thorough knowledge of the energy services sector and a smooth loan documentation process. For years they have delivered on every single promise, and I can’t tell you how rare that is.”
“It is always exciting for us to work with Liz and her partners," said Tim Clifford, President and CEO of Abacus Finance. “Thompson Street is a long-time client that has counted on us for multiple transactions across a range of industries. What has been important to them – in addition to speed and certainty of close – is our flexibility in structuring transactions and the emphasis we place on exceptional client service – all part of our Total Partnership Approach™.”
Abacus team members involved in the transaction included Sean McKeever, Eric Petersen and Brian Green, and legal counsel was provided to Abacus by Goulston & Storrs, LLP.
About TriStar Global Energy Solutions, Inc.
Houston-based TriStar, which was founded in 2002, is a leading industrial specialty services company that through its three subsidiaries – TriStar PetroServ, Zyme-Flow Decon Technology, and Global Vapor Control – provides hydrocarbon cleaning and decontamination services in the United States and abroad primarily to refineries and petrochemical plants. TriStar’s services – primarily tank cleaning and waste processing, process unit decontamination, and volatile organic compound control and degassing – are critical to the maintenance and operating efficiency of its customers’ facilities. Visit tristarges.com for more information.
About Thompson Street Capital Partners
Thompson Street is a St. Louis-based private equity firm that invests in service, distribution and manufacturing businesses via recapitalizations, management buyouts, corporate divestitures and family businesses in transition. Founded in 2000, Thompson Street manages more than $800 million in private equity capital and is currently investing its third fund. The firm, which has completed more than 100 acquisitions in over 35 industries, partners with management teams to increase value by accelerating growth, both organically and via complementary acquisitions. Visit tscp.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.