ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING TO SUPPORT THE ADD-ON ACQUISITION OF PAN MEDICAL U.S. CORP. BY ZAVATION MEDICAL PRODUCTS, A LONGVUE CAPITAL PORTFOLIO COMPANY
New York, NY, October 22, 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 in providing incremental capital to support the add-on acquisition of Pan Medical U.S. Corp. (PanMed) by Zavation Medical Products, LLC (Zavation), a LongVue Capital (LVC) portfolio company.
Based in Jackson, MS, Zavation designs, engineers, and manufactures a portfolio of spinal hardware and biologics covering key areas that include cervical, thoracolumbar, interbody fusion, and minimally invasive surgery. PanMed, headquartered in Tampa, FL, designs, develops, and manufactures highly complex medical products used in minimally invasive procedures, primarily in the kyphoplasty and interventional radiology markets. LVC is a private equity firm focused on making situation-driven, value-oriented equity and debt investments in lower-middle market companies to support buyouts, recapitalizations, acquisitions and growth.
“Speed of execution and ease of documentation were critical given the timing of the deal, and Abacus came through for us,” said LVC Partner Ryan Nagim. “The multiple transactions we have done with Abacus gives us strong confidence in their due diligence and execution skills.”
“This is our third financing with LVC, a firm for which we have come to have a great deal of respect,” said Tim Clifford, President and CEO of Abacus. “They know the space very well,” added Abacus Senior Vice President Eric Petersen, “which made our due diligence easy, an important factor because LVC puts 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 Eric Petersen and Rafal Rydzewski. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Zavation Medical Products
Based in Jackson, MS, Zavation designs, engineers, and manufactures a portfolio of spinal hardware and biologics covering key areas that include cervical, thoracolumbar, interbody fusion, and minimally invasive surgery. Founded in 2012, Zavation has experienced exceptional growth and created a national network of 150+ distributors across approximately 40 states. The company has commercialized over 12 product families since inception, with approximately 10 additional novel products expected to launch over the next year. Visit zavation.com for more information.
About Pan Medical U.S. Corp.
PanMed, headquartered in Tampa, FL, designs, develops, and manufactures highly complex medical products used in minimally invasive procedures, primarily in the kyphoplasty and interventional radiology markets. PanMed has built a differentiated position with its extensive expertise in highly specialized balloons, catheters, needles, and instrument kits. The company was founded in the United Kingdom over 30 years ago with a focus on the catheter balloon market. Recognizing the sizable opportunity in the United States, PanMed shifted its focus to the kyphoplasty and interventional radiology markets and relocated its operations to the United States in 2016. PanMed sells branded products through a network of independent distributors, agents, and OEMs while also maintaining a private label program for spinal hardware companies throughout the world. Visit panmed.us for more information.
About LongueVue Capital
LVC is a private equity firm focused on making situation-driven, value-oriented equity and debt investments in lower-middle market companies (up to $150 million in annual revenue) to support buy-outs, recapitalizations, acquisitions and growth. LVC currently has approximately $500 million under management across two funds. Since its formation in 2001, LVC has made successful investments in a wide variety of industries, including healthcare, business services, transportation and logistics, energy services, and niche manufacturing. LVC is based in New Orleans with additional offices in New York and Salt Lake City. Visit lvcpartners.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.