Abacus Finance Group was the Administrative Agent and Lead Arranger for senior secured credit facilities to support the acquisition of BCC Software by Thompson Street Capital Partners. Abacus also made an equity co-investment in BCC.
BCC Software provides USPS-certified mail preparation software that is used by direct mailers to correct address data, perform matching and consolidation and to sequence mailing lists in order to receive discounts offered by the USPS. Annual data subscriptions are sold along with the company’s software to provide updates to postal directories that keep address information complete, current and correct. The company was founded in 1978 and is headquartered in Rochester, NY (www.bccsoftware.com).
“Abacus is a terrific partner of ours, provides great service, and understands our needs and “rhythm” and can always be relied upon to come through efficiently when we need a quick close,” said Elizabeth Borow, a Managing Director of Thompson Street.
Abacus provides cash flow-based 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. New York-based Abacus was formed in June 2011 and is an affiliate of New York Private Bank & Trust (www.abacusfinance.com).
“Speed and certainty of close became of paramount importance, and Abacus, as usual, got the job done,” said Stefan Sigurdson, a Thompson Street Vice President.
“Our longstanding partnership with Thompson Street goes back to closing our first transaction with Liz Borow in 2013, and since then the relationship, as it deepened, has been extremely productive as they brought us one quality company after another,” said Tim Clifford, President and CEO of Abacus. “They appreciate the speed and efficiency of our due diligence process, value our knowledge of specific industry sectors, and, as Stefan said, look to us for a quick decision with respect to closure – all elements of the level of service provided in our Total Partnership Approach.” Other Abacus team members involved in the transaction included Sean McKeever and Rafal Rydewski.
Thompson Street Capital Partners makes investments in companies with annual revenues between $20 million and $200 million and EBITDA between $4 million and $15 million. Since its founding in 2000, Thompson Street has acquired more than 100 companies in the business services, healthcare services and engineered products sectors. The firm held a final close of Thompson Street Capital Partners IV, LP with $640 million of capital commitments in December 2015. Thompson Street is based in St. Louis (www.tscp.com).
© 2017 Private Equity Professional | November 6, 2017