Abacus Finance Group served as administrative agent and sole lead arranger for $18 million in senior secured credit facilities to support the carve-out of VITAC Corporation by The Gores Group.
Canonsburg, PA-based VITAC is a provider of captioning services to the live and prerecorded television programming and entertainment industries. The Gores Group, founded in 1987 by Alec Gores and headquartered in Los Angeles, is a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm’s operating experience and flexible capital base.
“The transaction was handled smoothly and rapidly by the Abacus team from the outset,” said Mike Nutting, managing director and head of Corporate Finance for Gores. “They rolled up their sleeves to learn the business and the industry, and closed the deal in just two weeks – a tremendous effort on their part.”
Abacus Finance is a direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide.