Abacus Finance Group served as Administrative Agent and Sole Lead Arranger on a $20 million senior secured credit facility to support the recent leveraged buyout of TriStar Global Energy Solutions by Thompson Street Capital Partners.
TriStar Global Energy Solutions is a provider of hydrocarbon decontamination, tank cleaning, degassing and other maintenance and turnaround services to refineries and petrochemical facilities. The company is headquartered in Houston (www.tristarges.com).
Abacus team members involved in the transaction included Sean McKeever, Eric Petersen and Brian Green. “The Abacus team was there for us once again when we needed to close quickly,” said Elizabeth Borow, Managing Director of Thompson Street. “We went from mandate to funding in less than two weeks thanks to their thorough knowledge of the energy services sector and a smooth loan documentation process. For years they have delivered on every single promise, and I can’t tell you how rare that is.”
“It is always exciting for us to work with Liz and her partners,” said Tim Clifford, President and CEO of Abacus. “Thompson Street is a long-time client that has counted on us for multiple transactions across a range of industries. What has been important to them – in addition to speed and certainty of close – is our flexibility in structuring transactions and the emphasis we place on exceptional client service – all part of our Total Partnership Approach.”
Abacus targets debt financing opportunities of up to $50 million with a typical hold size ranging from $10 million to $25 million. The companies that Abacus finances generally have EBITDAs between $3 million and $15 million. Abacus was formed in June 2011 and is an affiliate of 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. Abacus is based in New York (www.abacusfinance.com).
Thompson Street Capital Partners makes investments in manufacturing, service and distribution businesses with annual revenues between $20 million and $200 million and a minimum EBITDA of $5 million. Founded in 2000, the firm has managed more than $800 million in private equity capital and is currently investing its third fund. Thompson Street is based in St. Louis (www.tscp.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-27-15
