Abacus Finance Group was the Administrative Agent and Sole Lead Arranger for $14 million in senior secured credit facilities to support the recapitalization of VC3 by WestView Capital. Abacus also made an equity co-investment in VC3.
VC3 is a provider of managed IT hosting and support services primarily to the municipal government sector. The company’s products and services include private cloud hosting of industry specific applications, hosted desktops, hosted VoIP (voice over internet protocol), fully managed networks and 24×7 help desk services. VC3 also develops automation and productivity enhancing websites and web applications. The company is headquartered in Columbia, SC (www.vc3.com).
“We selected the Abacus team, whom we have known for many years, for two reasons,” said Matt Carroll, General Partner of WestView. “One, they are easy to work with, and two, they are extremely reliable. Once again, the entire process was handled smoothly and efficiently.”
Abacus provides cash flow senior financing to private equity-sponsored, lower-middle market companies that have EBITDA between $3 million and $15 million. Debt facilities can be as large as $50 million with a typical hold size ranging from $10 million to $30 million. Abacus is an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank, founded in 1850. Abacus is based in New York (www.abacusfinance.com).
“We are fortunate to have a great working relationship with WestView, a terrific sponsor firm with a great track record” said Tim Clifford, President and CEO of Abacus. “They provide full transparency during the due diligence process which enables us to provide a timely close – an important aspect of what we call our Total Partnership Approach.” Other Abacus team members involved in the transaction included Managing Director Sean McKeever and Associate Rafal Rydzewski.
WestView Capital Partners makes majority and minority investments of $10 million to $50 million in lower middle market growth companies. Sectors of interest include healthcare services, business and technology services, software, industrial/manufacturing, and consumer/retail. Target companies will have operating profits between $3 million and $20 million. WestView manages approximately $1 billion in capital across three funds and is headquartered in Boston (www.wvcapital.com).
© 2016 PEPD • Private Equity’s Leading News Magazine • 2-29-16
