ABACUS FINANCE CLOSES $18.5 MILLION SENIOR FINANCING SUPPORTING CULBRO, LLC’S INVESTMENT IN MED EMPORIUM
February 25, 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 $18.5 million in senior secured credit facilities to support the investment in Med Emporium, LLC by Culbro, LLC.
Based in Charlotte, NC, Med Emporium is a leading provider of portable pressure-supported, volume-controlled noninvasive and invasive ventilators for home-based patient care. Culbro is a New York-based private equity firm specializing in investments in middle-market consumer products and services businesses.
“This is a new relationship for us,” said Culbro Managing Member David Danziger, "and we were attracted to Abacus because of their healthcare industry experience and in particular their knowledge of medical equipment distribution. We were quickly impressed by their flexibility in structuring the transaction and the excellent relationship they established from the outset with us and Med Emporium’s management team.”
“In our first transaction with Culbro, we were pleased to support a highly attractive niche company with an impressive track record and tremendous potential for future growth," said Tim Clifford, President and CEO of Abacus Finance. “The key aspects of this investment for David and his partners were our abilities to provide certainty of close, our understanding of their particular healthcare sector and the structuring flexibility we offer – all ingredients in what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included Timothy Wong and Rafal Rydzewski. Legal counsel was provided to Abacus by Goulston & Storrs, LLP.
About Med Emporium, LLC
Based in Charlotte, NC and founded in 1994, Med Emporium is a leading provider of portable pressure-supported, volume-controlled noninvasive and invasive ventilators for home-based patient care. One of the first U.S. providers of home-based noninvasive ventilation therapy, Med Emporium has established a focused, high-quality operating model which serves one of the largest noninvasive ventilator patient populations in the country. In pioneering a technology and clinician driven model, it has established broad referral networks with regional medical centers for patients with amyotrophic lateral sclerosis (ALS) and other neuromuscular diseases, as well as patients with obstructive and restrictive respiratory disorders that contribute to chronic respiratory failure. Visit medemporium.com for more information.
About Culbro, LLC
Culbro is a New York-based private equity firm specializing in investments in middle-market consumer products and services businesses. The firm targets such vertical segments as specialty food, pet products, education, catalogue and internet sales, and business services. A typical investment is between $10 million and $15 million. Culbro invests primarily in the United States, but it also has a significant private equity effort in India and is particularly interested in companies that have a United States-India connection. Visit culbro.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.