Abacus Finance Group was the Administrative Agent and Lead Arranger for $25.5 million in senior secured credit facilities to support the recapitalization of The Phia Group by WestView Capital Partners. Abacus also made an equity co-investment as part of the transaction.
In September, Abacus backed the acquisition by WestView of AccountabilIT, a Scottsdale, AZ-based provider of outsourced IT services to middle-market companies as wells as small and medium-sized businesses. Abacus also made an equity co-investment in AccountabilIT as well.
The Phia Group is a provider of outsourced cost containment and payment integrity services to healthcare payers and the entities that service them. The company’s services include plan document drafting, subrogation and overpayment recovery, claim negotiation, plan defense and consulting. The Phia Group is headquartered near Boston in Braintree, MA (www.phiagroup.com).
“Once again, we selected the Abacus team because of its industry knowledge in the healthcare sector,” said WestView General Partner Matt Carroll. “Equally important was their ability to provide certainty of close early on in the process.”
“Part of the Abacus mission is to back leaders in their niches, and The Phia Group is a trailblazer in its space,” said Tim Clifford, President and CEO of Abacus. “Lead investor Matt Carroll and WestView are best in class when it comes to healthcare technology and outsourcing. They are easy to work with and they place a high value on our flexibility and speed – key aspects of what we call our Total Partnership Approach™.”
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).
WestView makes majority and minority investments of $10 million to $60 million in lower middle market growth companies. Sectors of interest include business services, software and IT services, consumer, healthcare technology and outsourcing and growth industrial. Target companies will have operating profits between $3 million and $20 million. WestView manages approximately $1.7 billion in capital across four funds and is headquartered in Boston (www.wvcapital.com).
Abacus team members involved in the transaction included Sean McKeever and Brian Green while WestView’s team was composed of Matt Carroll, Jeff Clark and Kevin Twomey.
© 2018 Private Equity Professional | October 16, 2018