Abacus Finance Group, LLC, a New York-based direct lending company that provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced today that it served as Administrative Agent and Sole Lender for $22.5 million in senior secured credit facilities to support the leveraged buyout of Transnet YX, Inc. by Thompson Street Capital Partners. Abacus also made an equity co-investment in Transnet YX.
Founded in 2004 and headquartered in Memphis, TN, Transnet YX is an independent molecular diagnostic laboratory providing research animal genotyping services to the pharmaceutical and academic research communities. Thompson Street is a St. Louis-based private equity firm focused on investing in founder-led, middle market businesses.
“As usual, it was a pleasure to work with the Abacus team,” said Elizabeth R. Borow, Managing Director of Thompson Street. “Abacus is a terrific partner, provides great service, and can always be relied upon to come through efficiently when we need a quick close,” “We know them and their processes well,” added Thompson Street Vice President Stefan Sigurdson. “They are easy to work with, and once again they were able to provide certainty of closure early on.”
“Our longstanding partnership with Thompson, which shares our lower-middle market focus, is without question one of our top client relationships,” said Tim Clifford, President and CEO of Abacus. “We know that when they come to us with a transaction, it will involve a high-quality company, and Transnet YX certainly fits that mold.” “What is important to them – in addition to speed and certainty of close – is our flexibility in structuring transactions and the emphasis we place on exceptional client service – all part of our Total Partnership Approach™,” added Sean McKeever, Abacus Managing Director and COO.
Abacus team members involved in the transaction included Sean McKeever and Joseph Lee. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Transnet YX, Inc.
Founded in 2004 and headquartered in Memphis, TN, Transnet YX is an independent molecular diagnostic laboratory providing research animal genotyping services to the pharmaceutical and academic research communities. Currently, about 90% of its services is performed on mice. The company estimates that there are over 90 million mice worldwide bred in research breeding facilities, and about 50% are mutant mice, which means they have had a gene knocked in or knocked out and need to be genotyped to determine inherited genetic variants in order to ensure the proper genetic strain is utilized for medical research. Researchers generally perform this test by hand, which, because of the volume and complexity, can be time-consuming and prone to clerical or procedural error when performed manually. Visit transnetyx.com for more information.
About Thompson Street Capital Partners
Thompson Street Capital Partners is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses. It has acquired more than 100 companies in the healthcare and life science services, software and technology services, and business services and engineered products sectors and have managed more than $1.5 billion in equity across four funds since being founded in 2000. Visit tscp.com for more information.
About Abacus Finance Group, LLC
Abacus Finance is a leading direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide. Since its inception in June 2011, it has closed over $1.7 billion in financings. Abacus targets debt financing opportunities of up to $60 million with a typical hold size ranging from $10 million to $30 million, and finances companies with EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust which was founded in 1850.
