Abacus Finance Group served as administrative agent and lead arranger for $26.3 million in senior secured credit facilities to support the leveraged buyout of BioDerm by Mountaingate Capital.
Abacus, a provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA, also made an equity co-investment in BioDerm.
Headquartered in Largo, FL, BioDerm is a manufacturer of branded proprietary products for urinary management. Mountaingate Capital is a Denver-based private equity firm.
“Abacus moved quickly to close the transaction on an accelerated timeline,” Stew Fisher, managing director at Mountaingate, said. “The team was responsive and flexible, and the end result was a smooth transaction that was rapidly closed.”
“This was our first transaction with Mountaingate and they were great to work with. They have a substantial history in healthcare and know the space well,” Tim Clifford, president and CEO of Abacus, said.
“They were very efficient to deal with and very relationship-oriented,” Eric Petersen, director of Abacus, said. “All in all, I think they feel they can count on us given the importance they attach to speed and the certainty of close — two key aspects of our total partnership approach.”
Petersen and Austin Rendell were among the Abacus team members involved in this transaction. Goulston & Storrs provided legal counsel to Abacus.
