Cash flow based senior lender Abacus Finance Group was the Administrative Agent and Sole Lead Arranger for senior secured credit facilities that backed the acquisition of Infinity Behavioral Health Services by Thompson Street Capital Partners.
Infinity Behavioral Health Services is a revenue cycle management company servicing 120 behavioral health facilities that provide substance abuse and mental health treatment across 14 states. Services include utilization review, dispute resolution and claims submission. The company is based in Fort Lauderdale (www.infinitybehavioral.com).
Abacus team members involved in the transaction included Sean McKeever , Tim Wong, and Rafal Rydzewski. “Abacus Finance’s healthcare industry knowledge – in particular about outsourced revenue cycle management services – and the team’s flexibility in transaction structure were critical to the success of this transaction,” said Elizabeth Borow, Managing Director of Thompson Street. “As they have done in the past, the Abacus team met an aggressive schedule for closing the investment on time as promised.”
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).
“We know that when Thompson Street, a long-time trusted client that shares our lower-middle market focus, comes to us with a transaction, it will involve a high quality company,” said Tim Clifford, President and CEO of Abacus Finance. “Although only four years old, Infinity – which is led by a great management team – has become a dominant player in its niche market. As in prior transactions with Liz and her partners, flexibility, speed and certainty of close were key objectives in keeping with of the emphasis we place on exceptional client service in our Total Partnership Approach.”
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 • 2-23-15
