Abacus Finance Group was the Administrative Agent and Sole Lead Arranger for senior secured credit facilities to support the acquisition of Right Networks by BV Investment Partners.
Right Networks is a hosting and services provider for QuickBooks desktop accounting software and other applications – more than 400 – used by accountants and small and medium sized businesses (SMBs). The company has more than 25,000 SMB customers and is essentially the outsourced provider of data storage and information technology services and infrastructure. Right Networks was co-founded in 2002 by John Farrer and Philip Romine and is headquartered near Nashua in Hudson, NH (www.rightnetworks.com).
“This was our first transaction with Abacus, and we were really impressed by the speed and efficiency of their due diligence process,” said Matthew Kinsey, a partner in BV Investment Partners.
BV Investment Partners makes investments in companies active in the information and business services, and communications industries. Since its founding in 1983, the firm has invested over $2.9 billion in more than 86 companies. BV Investment Partners is headquartered in Boston (www.bvlp.com).
“Abacus knew the sector, understood the business model and the risks,” said Sean Wilder, a principal of BV Investment Partners, “and we were able to go from mandate to close quickly.”
“This is a new relationship for us and a very promising one,” said Tim Clifford, President and CEO of Abacus. “All of us enjoyed working with Matt, Sean and their colleagues. They brought us a market-leading company, were responsive and easy to work with, and appreciated our strong industry knowledge and the quick close – key elements of what we call our Total Partnership Approach. We look forward to working with them on future transactions.”
Other Abacus team members involved in the transaction included Managing Director Sean McKeever and Senior Associate Jonathan Choa.
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).
© 2016 Private Equity Professional • 10-18-16
