ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING TO SUPPORT THE LEVERAGED BUYOUT OF MGC DIAGNOSTICS BY ALTUS CAPITAL PARTNERS
New York, NY, January 23, 2018 - Abacus Finance Group, LLC (Abacus), 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 Lender for $18 million in senior secured credit facilities to support the take-back private/leveraged buyout of MGC Diagnostics Corporation (MGC) by Altus Capital Partners (Altus). Abacus also made an equity co-investment in MGC.
Founded in 1977 and headquartered in Saint Paul, MN, MGC is a publicly traded medical technology company dedicated to cardiorespiratory health solutions. Altus – with offices in Wilton, CT and Lincolnshire, IL – is a private equity firm that makes control investments in middle market manufacturing businesses.
“This was our first transaction with the Abacus team,” said Gregory L. Greenberg, Altus Founder and Senior Partner, “and they lived up to their reputation. They were able to provide assurance of close early on, moved quickly, and showed real flexibility during negotiations.” “Not only that,” added Altus Partner Heidi M. Goldstein, “their due diligence process was as efficient and as smooth as any we have seen.”
“This was the first time we have provided financing for taking a publicly-held company private on the Abacus platform,” said Tim Clifford, President and CEO of Abacus. “Given the relative complexity of the transaction, the execution went extremely well. Altus appreciated our speed and efficiency – important aspects of the service provided in our Total Partnership Approach™.”
Abacus team members involved in the transaction included Aized Rabbani and Rafal Rydzewski. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About MGC Diagnostics Corporation
Founded in 1977 and headquartered in Saint Paul, MN, MGC is a medical technology company dedicated to cardiorespiratory health solutions. It designs, manufacturers, markets, and sells non-invasive cardiorespiratory diagnostic equipment, accessories, supplies and services to healthcare providers specializing in management of chronic obstructive pulmonary disease, asthma, and cardiorespiratory disease. MGC is a market leader with a globally recognized brand and the second largest market share globally. The company’s product portfolio provides solutions for disease detection, integrated care, and wellness across the cardiorespiratory healthcare spectrum. Visit mgcdiagnostics.com for more information.
About Altus Capital Partners
Altus Capital Partners is a private equity firm that makes control investments in middle market manufacturing businesses. We believe that our exclusive focus on manufacturing provides us with a unique understanding of the opportunities and challenges faced by companies in the sector. We utilize a patient, thoughtful investment approach and seek to partner with the management teams of our operating companies to achieve growth. With offices in Wilton, CT and Lincolnshire, IL, Altus Capital Partners has completed 17 platform investments and numerous accretive add-on acquisitions since 2003. Visit altuscapitalpartners.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.