Abacus Finance Group has provided a $70 million senior secured credit facility to support the add-on acquisition of RenewData Corporation by LDiscovery, a WestView Capital Partners portfolio company. Abacus,a New York-based direct lending company, served as sole lead arranger and agent on the transaction.
Based in Austin, TX, RenewData is a legal consulting and technology company that helps corporations and law firms mine their unstructured data to reduce the time, cost and risk associated with investigations and litigation. Located in McLean, VA, LDiscovery provides end-to-end e-discovery management services– from data collection through trial – to law firms, corporations and government agencies. The borrower's sponsor, WestView Capital Partners, is a Boston-based private equity firm focused exclusively on lower-mid-market companies and manages approximately $1 billion in capital.
WestView is a returning client of Abacus. “As has been the case in the past, selecting Abacus Finance was an easy decision for us,” commented Rick Williams, WestView managing partner. “They know the space well having supported the recapitalization of LDiscovery in 2011. That enabled them to move quickly and, once again, they demonstrated the strength of their capital markets expertise.”
Abacus Finance is a direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-mid-market companies in the US. Formed in June 2011, Abacus targets debt financing opportunities of up to $50 million with a typical hold size ranging from $10 million to $25 million, and finances companies with EBITDA between $3 million and $15 million.