ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING TO SUPPORT THE RECAPITALIZATION OF ALKU FOR WESTVIEW CAPITAL PARTNERS
January 11, 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 Joint Lead Arranger for senior secured credit facilities to support the recapitalization of ALKU, LLC (ALKU) for WestView Capital Partners, LP (WestView).
Founded in 2008 and headquartered in Andover, MA, ALKU provides specialized staffing services in three niche-focused divisions: ALKU Technologies, ALKU Quality, and AKLU Government Solutions. Boston-based WestView, a private equity firm focused exclusively on lower-middle market companies, manages approximately $1 billion in capital.
“Selecting Abacus for this transaction was an easy decision,” said WestView General Partner Jonathan E. Hunnicutt. "We have known and worked with the principals for years, they have led a number of transactions for us, and invariably they ask the right questions and establish excellent rapport with the management of the firms we are funding.”
“We are fortunate to have a great working relationship with WestView, a premier sponsor firm that has repeatedly brought us quality companies like ALKU, a leading player in the specialized staffing field,” said Tim Clifford, President and CEO of Abacus Finance. “In this transaction, as in many others with WestView, the critical element was our ability to be flexible in structuring the transaction and provide certainty of a quick and smooth closing – important aspects of what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction includedSean McKeever and Brian Green. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About ALKU, LLC
Founded in 2008 and headquartered in Andover, MA, ALKU provides specialized staffing services in three niche-focused divisions: ALKU Technologies, ALKU Quality, and AKLU Government Solutions. With dedicated teams specializing in SAP and PeopleSoft, the Technology Division provides enterprise-level system software consultants to large and mid-sized companies across the United States. The Quality Division serves medical device, pharmaceutical and biotechnology companies in the areas of quality, regulatory affairs, validation and compliance. Government Solutions, based in Herndon, VA, provides systems and software engineering, offensive and defensive cyber security, and data and military intelligence analytics services personnel. Visit alku.com for more information.
About WestView Capital Partners, LP
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 a wide range of industries, including healthcare technology and outsourcing, software and IT services, business services, growth industrial and consumer. 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.