Daily News: February 26, 2013

Abacus Arranges Facility to Support Kova Carve-Out


Specialty finance company Abacus Finance Group announced it served as administrative agent and sole lead arranger for $16.5 million in senior secured credit facilities to support the divisional spin out of Kova International from Hycor Biomedical by an investor group consisting of One Rock Capital Partners, Laurel Crown Partners, StoneCreek Capital and management.

“We chose to partner with Abacus for this investment because of their expertise in financing healthcare companies and their ability to assure a certainty of close early on,” said One Rock partner Kimberly D. Reed.

Garden Grove, CA-based Kova is a developer, manufacturer, and marketer of in-vitro diagnostic products for the global urinalysis market.