ABACUS FINANCE PROVIDES $25.5 MILLION IN SENIOR DEBT FINANCING TO SUPPORT THE GROWTH RECAPITALIZATION OF THE PHIA GROUP BY WESTVIEW CAPITAL PARTNERS
New York, NY, October 15, 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 Lead Arranger for $25.5 million in senior secured credit facilities to support the growth recapitalization of The Phia Group by WestView Capital Partners. Abacus also made an equity co-investment in The Phia Group.
The Phia Group is a provider of outsourced cost containment and payment integrity solutions for healthcare payers and the entities that service them. WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds.
“Once again, we selected the Abacus team because of its industry knowledge in the healthcare sector,” said WestView General Partner Matt Carroll. “Equally important was their ability to provide certainty of close early on in the process.”
“Part of the Abacus mission is to back leaders in their niches, and The Phia Group is a trailblazer in its space,” said Tim Clifford, President and CEO of Abacus. “Lead investor Matt Carroll and WestView are best in class when it comes to healthcare technology and outsourcing. They are easy to work with and they place a high value on our flexibility and speed – key aspects of what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included Sean McKeever and Brian Green while WestView’s team was composed of Matt Carroll, Jeff Clark and Kevin Twomey. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About The Phia Group
The Phia Group is a provider of outsourced cost containment and payment integrity solutions for healthcare payers and the entities that service them. Through innovative technologies, legal expertise, and focused, flexible customer service the Company strives to maximize health benefits while reducing healthcare costs for plan administers and their beneficiaries. The Company’s tech-enabled, knowledgeable experts and service offering span the clinical, regulatory compliance, and reimbursement aspects of the claims and benefit administration process, including plan document drafting, subrogation and overpayment recovery, claim negotiation, plan defense and consulting services, all of which are designed to control costs and protect plan assets. Visit www.phiagroup.com for more information.
About WestView Capital Partners
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions in industries such as healthcare technology and outsourcing, business services, software and IT services, consumer, and growth industrial. WestView invests in companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $60 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.