ABACUS FINANCE LEADS SENIOR DEBT FINANCING FOR RIVERSIDE PARTNERS’ INVESTMENT IN R&D ALTANOVA
April 13, 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 Joint Lead Arranger for senior secured credit facilities to support the investment in R&D Altanova by Riverside Partners, LLC (Riverside). Abacus also made an equity co-investment in R&D Altanova.
Founded in 1969 and based in South Plainfield, NJ, R&D Altanova is a leading provider of full turn-key test interface solutions to many of the world's largest integrated device manufacturers, “fabless” semiconductor companies and semiconductor foundries. Founded in 1989, Boston-based Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, L.P, a fund focused primarily on growth-oriented companies in the healthcare and technology industries.
“This is a new relationship for us, and there has been a lot of enthusiasm here at Riverside to do a transaction with Abacus. Hopefully, this will lead to a lot more collaboration across our firms in the future,” said Riverside General Partner David Belluck. "Given the quality of work the Abacus team did on R&D Altanova, their speed and smoothness of execution, and just the general sense of good partnership we felt during the negotiations, I know I will highly recommend them.”
“In any new relationship, you hope to establish a good working rapport, and we were able to do that quickly with David, his colleagues and the R&D Altanova leadership team," said Tim Clifford, President and CEO of Abacus Finance. “Our knowledge and experience in the technology sector, the assurance of a quick close and our flexibility were all important factors for Riverside – each a critical ingredient in what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included included Sean McKeever, Eric Petersen, and Joe Lee. Abacus was joined in the financing by MidCap Financial, and legal counsel was provided to Abacus by Goulston & Storrs, LLP.
About R&D Altanova
Founded in 1969 and based in South Plainfield, NJ, R&D Altanova is a leading provider of full turn-key test interface solutions to many of the world's largest integrated device manufacturers, “fabless” semiconductor companies and semiconductor foundries. Solutions include the design, simulation, layout, engineering and fabrication of test interface boards, which are used in the testing of advanced integrated circuits that are incorporated into a wide range of end products such as servers, mobile phones, wireless infrastructure equipment, and personal workstations. Visit rdaltanova.com for more information.
About Riverside Partners, LLC
Founded in 1989, Boston-based Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, L.P., a fund focused primarily on growth-oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages $1 billion of equity capital and seeks to make investments in companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. Visit riversidepartners.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.