Abacus Finance Group was the Administrative Agent and Lead Arranger for senior secured credit facilities to support the refinancing of ECA Medical Instruments by LongueVue Capital (LVC).
ECA Medical Instruments, acquired by LVC in April 2016 from American Capital, develops and manufactures single-use, torque-limiting instruments, fixed drivers, and instrument kits for the medical device and implant market.
The company’s products are developed in partnership with original equipment manufacturers in the cardiac, neuromodulation, cardiovascular and orthopedic/spine markets. Since its founding in 1979, ECA has manufactured over 35 million instruments and single-use surgery ready procedural kits. The company is headquartered in Thousand Oaks, CA (www.ecamedical.com).
“Once again, Abacus proved to be a reliable and value-added partner,” said LVC Partner Ryan Nagim.
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).
“We support LongueVue Capital’s vision for the company, one of the reasons we were able to provide certainty of close early on,” said Abacus Senior Vice President Eric Petersen. “As in other transactions, the critical success factors came down to our flexibility and a seamless due diligence process – both important aspects of what we call our Total Partnership Approach™.” Abacus team members involved in the transaction included Mr. Petersen and Senior Associate Rafal Rydzewski.
“Abacus was very flexible on structure and moved quickly,” said LVC Co-Founding Partner Rick Rees. “We look forward to working with them in the future.”
LongueVue makes equity and debt investments in lower middle-market companies that have over $3 million of EBITDA and up to $150 million of annual revenue. Sectors of interest include business services, transportation and logistics, healthcare, energy services, and niche manufacturing. In March 2017, the firm held a final close of LongueVue Capital Partners III LP. The new fund was oversubscribed and closed at its hard cap of $252 million. LongueVue was founded in 2001 and is based in New Orleans with additional offices in New York and Salt Lake City (www.lvcpartners.com).
“We are excited to have closed another transaction with our partners at LVC,” said Tim Clifford, President and CEO of Abacus Finance.
© 2018 Private Equity Professional | September 13, 2018
