Abacus Finance Group, a provider of cash flow-based, senior debt for sponsor-led investments in lower middle-market companies, served as senior secured credit facilities administrative agent and sole lender in a senior debt financing to support Fengate Private Equity’s leveraged buyout of Clinical Research of West Florida. Abacus Finance Group also made an equity co-investment in Clinical Research of West Florida.
“The critical factors for us were Abacus’s industry experience within pharmaceutical services and healthcare, how quickly they got up to speed on the business, simplicity of documentation, and the certainty of close they provided us throughout the process.” Maxim Tcherner, managing director of Fengate Private Equity, said.
“Our Total Partnership Approach was the key to our success in this our first transaction in partnership with Fengate,” Tim Clifford, founding partner and CEO of Abacus Finance, said. “We were able to meet the tight closing timeline for this transaction and are excited about the prospect of working with the Fengate team to support the future growth in store for Clinical Research of West Florida. As in past transactions, our success was a function of our speed, structural flexibility, and certainty of close – all key aspects of our Total Partnership Approach.”
Greg Scanlon, vice president of Abacus, added, “We are thrilled to get to partner with Fengate on a great business and look forward to continuing to support the growth of CRWF through the life of Fengate’s investment.”
Abacus Analyst Jeremy Pak also assisted on the transaction, and legal counsel was provided by Goulston & Storrs.