Abacus Finance Group was the Administrative Agent and Lead Arranger for a $23 million senior secured credit facility to support the recapitalization of Global LT, a portfolio company of Vicente Capital Partners.
Global LT is a provider of outsourced language training and translation services. The company’s programs are available in over 60 languages and are taught via instructor-led, virtual, self-paced and blended formats. Customers of Global LT are typically Fortune 1000 multinational businesses and the company boasts that it has provided services on every continent, excluding Antarctica. Global LT is led by its Chief Executive Officer Lisette Poletes (the daughter of Global LT’s late founder, Hortensia Albertini) and President Tom Hanson. The company was founded in 1979 and is based in the Detroit suburb of Troy, MI (www.global-lt.com).
This is the second time Abacus has supported Vincente Partners and Global LT. The first was in July 2014, when Abacus was the sole lead arranger for $16.85 million in senior secured credit facilities that backed Vincente’s original investment in Global LT. “Once again, the Abacus Finance team proved to be a trusted partner on a transaction that required a tight turnaround,” said Jay Ferguson, Managing Partner at Vicente Capital Partners.
“We have a great relationship with the team at Abacus,” said Jason Beck, Principal at Vicente Capital Partners. “With their knowledge of the company and the industry, due diligence was efficient and quick, and Abacus was able to deliver certainty of close early in the process.” Abacus team members involved in the transaction included Tim Wong and Brian Green.
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 $60 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).
“Vicente Capital Partners is a great fit for us given their lower-middle market focus and expertise in software, technology-enabled business services, healthcare, and specialty manufacturing,” said Abacus Senior Vice President Timothy Wong.
Vicente Capital Partners makes non-control and control investments in businesses that have annual revenues between $5 million and $50 million. Sectors of interest include business services (outsourced services, Internet services, and telecom services); consumer services (healthcare services, residential delivery, and education); and specialty manufacturing (aerospace & defense, environmental products, and networking/telecom equipment). The firm is based in Los Angeles (www.vicentecapital.com).
Legal counsel on this transaction was provided to Abacus by Goulston & Storrs (www.goulstonstorrs.com).
© 2016 Private Equity Professional • 7-14-16
