ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING TO SUPPORT THE LEVERAGED BUYOUT OF SUMMIT CLINICAL RESEARCH BY LONGUEVUE CAPITAL
New York, NY, November 21, 2022 - 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 Sole Lender for senior secured credit facilities to support the leveraged buyout of Summit Clinical Research, LLC by LongueVue Capital. Additionally, Abacus made an equity co-investment in Summit Clinical Research.
Summit Clinical Research, which was founded in 2018 and is headquartered in San Antonio, TX, is an integrated research organization specializing in the field of Hepatology – the study of medicine that deals with diseases of the liver – with a focus on Non-Alcoholic Steatohepatitis (NASH). Founded in 2001, LongueVue Capital is a New Orleans-based private equity firm that focuses on providing human capital, financial capital, and a skill set built upon a successful 20+ year track record of partnering with entrepreneurs and management teams to drive value creation in middle market companies.
“Once again, great work by the Abacus team,” said LongueVue Partner Ryan Nagim. “They know the sector well, and the result was a smoothly executed transaction, which is their hallmark.”
“This is our seventh transaction with LongueVue Capital with whom we have built a terrific relationship over the years,” said Tim Clifford, President, and CEO of Abacus. “As in earlier transactions for them, our success was a function of our speed, cash-flow flexibility, and certainty of close – key aspects of what we call our Total Partnership Approach™.” Added Abacus Managing Director Eric Petersen, “They have consistently brought us attractive opportunities like Summit that align well with our investment strategy.”
Abacus team members involved in the transaction included Eric Petersen, Joseph Lee, and Greg Scanlon. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Summit Clinical Research
Founded in 2018 and headquartered in San Antonio, TX, Summit is an integrated research organization specializing in the field of Hepatology – the study of medicine that deals with diseases of the liver – with a focus on Non-Alcoholic Steatohepatitis (NASH). Summit’s services are centered around study enrollment and site enrichment services for pharmaceutical, biotech, and drug development companies. The company’s site network spans across 95+ sites. Three quarters of Summit’s studies are dedicated to NASH therapeutics, while the remaining 25% are focused on non-alcoholic fatty liver disease, liver extension, and liver cirrhosis. The company supports trials throughout the entire research process, working with pharmaceutical sponsors as the therapeutic is approved to be brought to market. For more information, please visit summitclinicalresearch.com.
About LongueVue Capital
Founded in 2001, LongueVue Capital is a New Orleans-based private equity firm that focuses on providing human capital, financial capital, and a skill set built upon a successful 20+ year track record of partnering with entrepreneurs and management teams to drive value creation in middle market companies. With over $850 million of committed capital spanning four funds coupled with 150 years of combined operating and investing experience, LVC’s team is the ideal partner for middle market companies at inflection points and seeking to maximize value. LVC has made successful investments in a wide variety of industries including specialty manufacturing, transportation and logistics, healthcare, business and industrial services, and food and beverage. For more information, please visit lvcpartners.com.
About Abacus Finance Group, LLC
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.