Key Takeaways
- • Abacus Finance Group served as senior secured credit facilities administrative agent and sole lender in a senior debt financing supporting Fengate Private Equity's leveraged buyout of Clinical Research of West Florida (CRWF).
- • Abacus also made an equity co-investment in Clinical Research of West Florida alongside the senior debt facility.
- • The transaction marks the first deal between Abacus Finance and Fengate Private Equity, with both parties citing speed, structural flexibility, and certainty of close.
- • Abacus Analyst Jeremy Pak assisted on the transaction, and Goulston & Storrs provided legal counsel.
Summary
Abacus Finance Group, a provider of cash flow-based senior debt for sponsor-led investments in lower middle-market companies, acted as senior secured credit facilities administrative agent and sole lender in a senior debt financing supporting Fengate Private Equity's leveraged buyout of Clinical Research of West Florida. According to the announcement, Abacus also made an equity co-investment in the company.
Maxim Tcherner, managing director of Fengate Private Equity, cited Abacus's industry experience within pharmaceutical services and healthcare, the speed with which the Abacus team came up to speed on the business, simplicity of documentation, and the certainty of close as the critical factors in selecting the lender.
Tim Clifford, founding partner and CEO of Abacus Finance, described the transaction as the first in partnership with Fengate and said the firm met a tight closing timeline. He attributed the outcome to the firm's Total Partnership Approach, which he said emphasizes speed, structural flexibility, and certainty of close. Greg Scanlon, vice president of Abacus, said the firm looks forward to supporting CRWF's growth through the life of Fengate's investment.
Abacus Analyst Jeremy Pak also assisted on the transaction, and legal counsel was provided by Goulston & Storrs. The announcement did not disclose the transaction value or the terms of the financing.
Maxim Tcherner, managing director of Fengate Private Equity, cited Abacus's industry experience within pharmaceutical services and healthcare, the speed with which the Abacus team came up to speed on the business, simplicity of documentation, and the certainty of close as the critical factors in selecting the lender.
Tim Clifford, founding partner and CEO of Abacus Finance, described the transaction as the first in partnership with Fengate and said the firm met a tight closing timeline. He attributed the outcome to the firm's Total Partnership Approach, which he said emphasizes speed, structural flexibility, and certainty of close. Greg Scanlon, vice president of Abacus, said the firm looks forward to supporting CRWF's growth through the life of Fengate's investment.
Abacus Analyst Jeremy Pak also assisted on the transaction, and legal counsel was provided by Goulston & Storrs. The announcement did not disclose the transaction value or the terms of the financing.
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