IN THE INITIAL TRANSACTION OF ITS TEN-YEAR ANNIVERSARY, ABACUS FINANCE PROVIDES $26.3 MILLION IN SENIOR DEBT FINANCING TO SUPPORT THE LEVERAGED BUYOUT OF BIODERM, INC. BY MOUNTAINGATE CAPITAL
New York, NY, January 19, 2021 - In the first in transaction of its ten-year anniversary, Abacus Finance Group, LLC today announced that it served as Senior Secured Credit Facilities Administrative Agent and Lead Arranger for $26.3 million in senior secured credit facilities to support the leveraged buyout of BioDerm, Inc. by Mountaingate Capital. Abacus – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA – also made an equity co-investment in BioDerm.
Headquartered in Largo, Florida, BioDerm is one of the nation’s leading manufacturers of branded proprietary products for urinary management. Mountaingate Capital is a private equity firm based in Denver that specializes in building and empowering companies with strong growth potential and engaged leadership teams.
“Abacus moved quickly to close the transaction on an accelerated timeline,” said Mountaingate Managing Director Stew Fisher. “The team was responsive and flexible, and the end result was a smooth transaction that was rapidly closed.”
“This was our first transaction with Mountaingate, and they were great to work with. They have a substantial history in healthcare and know the space well,” said Tim Clifford, President and CEO of Abacus. “They were very efficient to deal with and very relationship oriented,” added Abacus Director Eric Petersen. “All in all, I think they feel they can Count on Us™ given the importance they attach to speed and the certainty of close – two key aspects of our Total Partnership Approach™.”
Abacus team members involved in the transaction included Eric Petersen and Austin Rendell. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About BioDerm, Inc.
Headquartered in Largo, Fl., BioDerm is one of the nation's leading manufacturers of proprietary hydrocolloid products for urinary management, securement, infection control and skin protection. The Company also provides custom wound care daily dressing change kits to patients with ventricular assist devices installed due to heart failure. BioDerm challenges accepted inferior standards of care by creating and distributing products that reduce infection rates, add comfort and reliability, and vastly improve quality of life. Please visit bioderminc.com for more information.
About Mountaingate Capital
Based in Denver, CO, Mountaingate Capital is a private equity firm that specializes in building and empowering companies with strong growth potential and engaged leadership teams. The firm was launched by a team of partners with deep investment expertise in four distinct market sectors: marketing services, business/industrial services, specialty distribution and specialty manufacturing. Mountaingate’s focus on organic growth coupled with its proven customer-centric buy-and-build approach for add-on acquisitions and shared equity ownership with management creates more value for the end customer, while forging stronger, more collaborative, and more successful investment partnerships with management teams. For more information on Mountaingate, please visit Mountaingate.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.