Abacus finances Thompson Street business

The New York-based specialty finance company was joined by NXT Capital and Golub Capital in the deal.

Abacus Finance Group acted as a lead arranger for a $45 million senior credit facility that will assist in the launch of BIO-IVT  Group, a portfolio company of Thompson Street Capital Partners. Abacus also made an equity co-investment in the company, according to a statement.

Golub Capital and NXT Capital also provided financing for the deal, according to the release.

“Having worked with the platform company in an earlier financing, our team knows the business well and thinks very highly of its management team,” said Abacus’ president and chief executive officer Tim Clifford in a statement. “We are excited to be able to partner again with Thompson Street in support of a high quality company with a bright future as it enters the next stage of its growth.

Clifford did not respond to a request for comment. Thompson Street managing director Bob Dunn could not be reached for comment.

St. Louis-based Thompson Street announced the formation of BIO-IVT earlier this month. The firm combined several companies that provide biological products such as plasma, serum, tissue and cellular material to the drug discovery and development industry. The company is based in Westbury, New York.

Abacus specialises in providing senior financing to lower mid-market companies in the US. The firm’s hold sizes typically range between $10 million and $25 million. In April, Abacus served as a sole lead arranger for the refinancing of Harren Equity Partners’ Persante Health Care.

Abacus is based in New York and is an affiliate of Emigrant Bank’s holding company, New York Private Bank & Trust.