Abacus Finance Group served as Administrative Agent and Sole Lead Arranger for a $35 million credit facility in support of the recapitalization of Park Place Technologies by WestView Capital Partners and the company’s management team.
Park Place Technologies is a provider of outsourced third-party data center hardware maintenance, specializing in multi-vendor support for servers, storage and network equipment. The company’s customer base is comprised of over 1,500 organizations across a variety of industries, which make up more than 5,500 locations primarily in the United States and Canada. Park Place Technologies is based in Cleveland (www.parkplacetechnologies.com).
The credit facility is comprised of a cash flow-based term loan and revolver and will be used to support Park Place Technologies’ future growth. In addition to providing the financing Abacus made an equity co-investment in Park Place Technologies. Webster Bank participated in the financing, and legal counsel to Abacus was provided by Goulston & Storrs.
Abacus Finance targets debt financing opportunities of up to $50 million with a typical hold size ranging from $10 million to $25 million. The companies the firm finances generally have EBITDA between $3 million and $15 million. Abacus is sponsored by New York Private Bank & Trust, the holding company for Emigrant Bank, founded in 1850, the largest privately held bank in America with approximately $10 billion in assets. The firm is based in New York (www.abacusfinance.com).
WestView Capital Partners invests from $10 million to $30 million of equity in lower middle market companies with EBITDA between $3 million and $20 million. Industries of interest include business and healthcare services; software and IT services; industrial and manufacturing; distribution and logistics; media and publishing; and consumer products and retail. The firm will invest both as a minority or majority investor. WestView currently manages over $500 million of equity and is based in Boston (www.wvcapital.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-13-12
