Abacus Backs Thompson Street Buy

Abacus Finance Group was the Administrative Agent and Sole Lender for $22.5 million in senior secured credit facilities to support the leveraged buyout of Transnet YX by Thompson Street Capital Partners. Abacus also made an equity co-investment in Transnet YX.

Transnet YX is a molecular diagnostic laboratory that provides research animal genotyping services to the pharmaceutical and academic research communities. The company was founded in 2004 and is headquartered in Memphis, TN (www.transnetyx.com).

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).

“As usual, it was a pleasure to work with the Abacus team,” said Elizabeth Borow, Managing Director of Thompson Street. “Abacus is a terrific partner, provides great service, and can always be relied upon to come through efficiently when we need a quick close.”

Thompson Street 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).

“Our longstanding partnership with Thompson, which shares our lower-middle market focus, is without question one of our top client relationships,” said Tim Clifford, President and CEO of Abacus. “We know that when they come to us with a transaction, it will involve a high-quality company, and Transnet YX certainly fits that mold.”

“We know Abacus and their processes well,” said Thompson Street Vice President Stefan Sigurdson. “They are easy to work with, and once again they were able to provide certainty of closure early on.”

Other Abacus team members involved in this transaction included Managing Director and COO Sean McKeever and Associate Joseph Lee.

© 2018 Private Equity Professional | May 3, 2018

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