Abacus Finance Group was the Administrative Agent and Sole Lender in support of Thompson Street Capital Partners’ recent acquisition of Palisade Corporation.
Palisade is a provider of analysis software, under the @RISK and the DecisionTools Suite brands, which enable Microsoft Excel and other software platforms to perform risk modeling and decision analysis. Palisade’s customers, which include 93 companies in the Fortune 100, are active in a wide range of industries including finance, oil and mineral exploration, real estate, heavy manufacturing, pharmaceuticals, and aerospace.
Palisade, led by CEO Randy Heffernan, was founded in 1984 and is headquartered in Ithaca, NY (www.palisade.com).
“After multiple transactions with Abacus, we know them well, and once again they closed quickly – in large part because of their knowledge of the software sector,” said Thompson Street Vice President Stefan Sigurdson.
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. Since its inception in June 2011, Abacus has closed over $1.9 billion in financings. Abacus is headquartered in New York and is an affiliate of New York Private Bank & Trust (www.abacusfinance.com).
“Thompson Street is a top sponsor with deep expertise in software,” said Tim Clifford, President and CEO of Abacus. “It is a firm with which we have had one of our longest relationships, and one which values our flexibility and our ability to close quickly – key elements of what we call our Total Partnership Approach™.”
Other Abacus team members involved in the transaction included Jonathan Choa and Brian Green.
Thompson Street invests from$25 million to $150 million in companies with EBITDA between $5 million and $20 million. Sectors of interest include healthcare and life science services, software and technology services, business services, and engineered products. Since its founding in 2000, Thompson Street has acquired more than 100 companies. In July 2018, the firm held a final closing of its fifth fund, Thompson Street Capital Partners V LP, at the hard cap of $1.15 billion. Thompson Street is headquartered in St. Louis (www.tscp.com).
© 2018 Private Equity Professional | December 14, 2018