Daily News: March 30, 2012

Abacus Backs $18.5 Million Recap of BioPharm Communications


Abacus Finance Group, LLC, a New York-based specialty finance company, announced that it served as administrative agent and sole lead arranger for $18.5 million in senior cash-flow financing to support the majority recapitalization of BioPharm Communications, LLC by Southfield Capital. In addition to providing the financing, Abacus, which focuses exclusively on providing cash-flow financing for private equity-sponsored, lower-middle market companies, made an equity co-investment in BioPharm.

Boathouse Capital and CMS Mezzanine, which provided mezzanine financing, joined Abacus in the transaction

BioPharm, based in New Hope, PA, is a medical communications company that specializes in the development and multi-channel deployment of promotional medical education programs via its proprietary branded non-personal, peer-to-peer solutions. BioPharm’s solutions are being leveraged across the pharmaceutical and biotechnology industries.

Headquartered in Greenwich, CT, Southfield Capital provides capital for majority recapitalizations and management-led buyouts of lower middle-market businesses.

Goulston & Storrs, LLP served as legal counsel to Abacus.

“Abacus proved to be the ideal financing partner for this investment,” said Andy Levison, founder and managing partner of Southfield. “They were great to work with, incredibly supportive, and a tremendous resource throughout the process. We wholeheartedly recommend Abacus to any private equity sponsor looking for a financing partner that they can count on.”

“We are thrilled to add BioPharm to our portfolio, as its profile of a growing and profitable business with strong management serves as an excellent fit with our investment strategy,” said Tim Clifford, president and CEO of Abacus. “From the outset, Southfield recognized and appreciated that we are a very relationship-focused firm, part of what we call our Total Partnership ApproachTM that emphasizes speed, certainty of close, industry experience, and flexibility in transaction structuring.”

Previously on abfjournal.com:

Southfield Capital Acquires BioPharm Communications, Wednesday, March 28, 2012