ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING TO SUPPORT THE LEVERAGED BUYOUT OF GLD, LLC BY H.I.G. GROWTH PARTNERS
New York, NY, October 12, 2021 - Abacus Finance Group, LLC – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA – today announced that it served as Senior Secured Credit Facilities Administrative Agent and Lead Arranger for senior secured credit facilities to support the leveraged buyout of GLD, LLC by H.I.G Growth Partners. Abacus made an equity co-investment in GLD, LLC.
Founded in 2014 and headquartered in Miami, FL, GLD is a digitally native, direct-to-consumer ecommerce jewelry, accessories, and apparel brand in the large, high-growth urban/streetwear category. H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $45 billion of equity capital under management.
“Once again, we are very excited to partner with the Abacus team – this time to fund our growth investment in GLD,” said Danielle Qi, Managing Director of H.I.G. Growth Partners. “This is the second transaction we have completed in partnership with Abacus in the e-commerce space, an area in which we have significant direct experience and are able to leverage our deep vertical knowledge and resources.”
“We were very pleased to once again partner with a firm for which we have come to have a great deal of respect, given its sector knowledge and investment prowess,” said Tim Clifford, President and CEO of Abacus. Added Abacus Managing Director Seth Friedman, “We are very happy to have had the opportunity to work again with the H.I.G. Growth team and support its investment in GLD. Their e-commerce sector knowledge and experience are extraordinary, which made our due diligence easy – an important factor since our sponsor relationships place a high value on our flexibility and speed, key aspects of our Total Partnership Approach™.”
Abacus team members involved in the transaction included Seth Friedman, Joseph Lee, and Austin Rendell. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About GLD, LLC
Based in Miami, GLD is a digitally native, direct-to-consumer e-commerce brand offering jewelry, accessories, and apparel. The brand provides classic as well as on-trend pieces centered around modern, long-dated, high-growth consumer trends such as urban, streetwear, sports, gaming, and skate. For more information, please visit thegldshop.com.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $45 billion of equity capital under management. H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please visit www.higgrowth.com.
About Abacus Finance Group, LLC
Celebrating its tenth anniversary in 2021, Abacus Finance is a leading direct lending company, focused on providing cash flow senior financing to private equity/family office-sponsored, lower-middle market companies across diverse industries. Since Abacus’s inception in 2011, it has closed over $2 billion in financings. The firm targets private debt financing opportunities of up to $50 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 cliffordt@abacusfinance.com. Please visit abacusfinance.com for more information.
The Total Partnership Approach™, a registered trademark of Abacus Finance, LLC, brings together cash-flow financing expertise, deep industry knowledge and exceptional client service over the lifecycle of each investment – all providing our sponsors with certainty of close and giving them peace of mind. Our team’s deep industry knowledge combined with an obsession for efficiency results in a turnaround time of under 72 hours. This swift response time is just one aspect of our Total Partnership Approach™ – a comprehensive methodology that reflects our emphasis on growing relationships rather than just focusing on the number of transactions.
Why should you Count on Us™? The answer lies in the deep partnerships we forge by going well above and beyond what sponsors traditionally have come to expect. We don’t believe in the phrase “good enough.” We push ourselves to create custom financing solutions tailored for each company – deals are started from the ground up, and we work side-by-side with the private equity sponsors we serve during each stage of the transaction life cycle.