Abacus

Abacus Finance backs LongueVue’s buy of Select Express

Abacus Finance Group LLC said Feb. 20 that provided a loan to back LongueVue Capital’s buy of Select Express & Logistics. Financial terms weren’t announced. Select Express, of New York, provides “last mile” delivery services to a variety of retailers, e-commerce players, and businesses.

PRESS RELEASE

Abacus Finance Provides Senior Debt Financing to Support theGrowth Capital Investment in Select Express & Logistics by LongueVue Capital

NEW YORK, NY, February 20, 2019 – Abacus Finance Group, LLC, a leading provider of cash flow-based, classic senior debt financing for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA, announced today that it served as Administrative Agent and Sole Lender for senior secured credit facilities to support the growth capital investment in Select Express & Logistics by LongueVue Capital (LVC).Founded in 2001 and headquartered in New York, NY, Select Express & Logistics is a national provider of “last mile” delivery services to a variety of retailers, e-commerce players, and businesses under exclusive contracts. LVC is a private equity firm focused on making situation-driven, value-oriented equity and debt investments in lower-middle market companies (up to $150 million in annual revenue) to support buy-outs, recapitalizations, acquisitions and growth. LVC currently has approximately $500 million under management across two funds.

“This is our fourth transaction with Abacus, and we continue to be impressed by their speed of execution and ease of documentation,” said John C. McNamara, II, LVC Co-Founder and Managing Partner. “We really like working with Eric and Rafal,” added LVC Partner Raymond J. Jeandron, III. “The Abacus team always goes the extra mile, and those two guys are real credit animals.”

“As John noted, this our fourth transaction together,” said Tim Clifford, President and CEO of Abacus Finance, “and once again they have brought us a quality company that is a leader in its field.” “As in other transactions,” added Abacus Senior Vice President Eric Petersen, “the client appreciated our speed, humor, flexibility, good looks and certainty of close – key aspects of what we call our Total Partnership Approach™.”

Abacus team members involved in the transaction included Eric Petersen and Rafal Rydzewski. Legal counsel was provided to Abacus by Goulston & Storrs, PC.About Select Express & LogisticsFounded in 2001 and headquartered in New York, NY, Select Express & Logistics is a national provider of “last mile” delivery services to a variety of retailers, e-commerce players, and businesses under exclusive contracts. The company utilizes a network of more than 800 independent contractor drivers and technicians who are capable of delivering and assembling high value sporting equipment, furniture, medical equipment, and other goods. The company’s last mile delivery service represents the final step in transporting goods from a distribution center or store to a customer’s home or business. Visit selectexp.com for more information.

About LongueVue CapitalLVC is a private equity firm focused on making situation-driven, value-oriented equity and debt investments in lower-middle market companies (up to $150 million in annual revenue) to support buy-outs, recapitalizations, acquisitions and growth. LVC currently has approximately $500 million under management across two funds. Since its formation in 2001, LVC has made successful investments in a wide variety of industries, including healthcare, business services, transportation and logistics, energy services, and niche manufacturing. LVC is based in New Orleans with additional offices in New York and Salt Lake City. Visitlvcpartners.com for more information.

About Abacus Finance Group, LLCAbacus Finance is a leading direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies across diverse industries. Since its inception in June 2011, it has closed over $2 billion in financings. Abacus targets debt financing opportunities of up to $75 million with a typical hold size ranging from $10 million to $40 million, and finances companies with EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust which was founded in 1850.Abacus Finance is located at 335 Madison Avenue, 23rd Floor, New York, NY 10017. All inquiries and new investment opportunities should be directed to Tim Clifford at 212-850-4620 or to [email protected] Please visit abacusfinance.com for more information.

The Total Partnership Approach TM, which is a registered trademark of Abacus Finance, LLC, brings cash-flow financing expertise, deep industry knowledge and exceptional client service over the lifecycle of each investment.

Abacus Plumbing, Air & Electrical to Award $1,000 to Local Houston Charity

HOUSTON, Feb. 19, 2019 /PRNewswire/ -- Show your love for your favorite Houston charity in February and you could win the organization $1,000, thanks to a contest launched today by ABACUS Plumbing, Air Conditioning & Electrical. The "Count On Us To Care" campaign will help shine light on local non-profit charities, and is designed to recognize and reward those unheralded companies and individuals that work tirelessly in the greater Houston community.

While Abacus supports various local charities – The JuCan Foundation, the 100 Club, The Rose, Tomball Pregnancy Center, Camp Hope and many more – this is an open-ended opportunity for the public to show support and propel awareness for its favorite charity.

Votes can be cast at https://www.abacusplumbing.net/lp_pg/vote4yourcharity/ through Feb. 28. Depending on the flow of submissions, Abacus may choose to extend the deadline. Updates will be made via its Facebook page, and information will also be emailed to all those that submit a nomination.

"From Day One when we opened Abacus, I wanted to make sure we continually focused on giving back to those in need," says Alan O'Neill, who co-founded the company in 2003. "That's why I started the 'Count On Us to Care' program, tied directly to our slogan, 'You Can Count On Us.' The most important part of this contest is to help us highlight many of Houston's great local charities which the community 'counts on' continuously. Without the support of their volunteers, donors and fundraising efforts, which are the backbone of these charities, all their critical, valuable and heart-warming work would cease to exist. We are hoping to find and promote some of those diamonds in the rough that do incredible work while not getting enough recognition."

Abacus, which in 2018 was named an Angie's List "Super Service Award Winner" for the seventh time, will determine the winning charity based on votes, nominations and which organization will most benefit from the award. The $1,000 will be awarded to the winning charity in March.

ABACUS

Abacus Plumbing, Air Conditioning & Electrical is a full-service residential contractor serving greater Houston since 2003. Abacus is a member of the Greater Houston Women's Chamber of Commerce and has an A+ rating with the Better Business Bureau of Houston. Abacus is licensed, insured and offers 24/7 emergency service. To learn more about Abacus Air Conditioning, Plumbing & Electrical, visit www.abacusplumbing.net. License Numbers: ALAN O'NEILL M-20628 | TACLB82488E | TECL 39119

Media Contact: Michelle J. Lamont 214.228.9135 209614@email4pr.com 

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Abacus Acquires Proactive Technologies To Rule New York MSP Market

Two fast-growing New York-based managed service providers are joining forces to create what Abacus Group is calling the largest MSP in the New York metropolitan region that specializes in alternative investment firms.

Abacus Group, ranked No. 446 on CRN’s Solution Provider 500 list, has closed its acquisition of Proactive Technologies, named one of CRN’s 2018 Next-Gen 250.

“It’s exciting that, together, Abacus and Proactive will be the largest team of engineers and IT support personnel serving alternative investment managers in the New York City area,” said Chris Grandi, CEO of Abacus Group in a statement.

[Related: Ex-DXC EVP Stephen Hilton’s Suit Against DXC: What You Need To Know]

Founded in 2007, Proactive Technologies specializes in providing services to hedge fund, investment firms and private equity companies. The Manhattan-based MSP, who also has an office in Los Angeles, has over 120 investment industry clients.

Abacus Group provides an enterprise technology platform, Abacus Cloud, specifically designed for the financial services industry that allows investment managers to source all technology needs as a service. Founded in 2008, Abacus has over 400 clients across the U.S. and U.K. The New York City-based solution provider, who has competed against Proactive in the past on deals, said it will now be the largest MSP provider to investment firms in New York based on client count.

“We have long had a deep respect and affinity for Abacus Group, and we look forward to working with them as a unified team,” said Jacob Cane, co-founder and president of Proactive. “We are excited to offer our client base access to Abacus’ robust technology platform while continuing to deliver on our hallmark commitment to service and a great end user experience.”

Terms of the deal were not disclosed. Both Proactive and Abacus did not respond for comment by press time.

In 2018, Abacus grew annual revenues by 23 percent, while Proactive increased revenue by 18 percent in the same time frame. Both Proactive and Abacus partner with the likes of Citrix, Cisco, Dell, VMware and Zerto, to name a few.

Proactive founders, Cane and Dave Cava will now becoming Managing Directors at Abacus and will assist with the integration of employees and clients into Abacus’ system.

Abacus said existing Proactive clients will eventually be able to take advantage of technologies and solutions available on the Abacus Cloud platform, including a hosted voice service, application hosting, 24x7 helpdesk, dedicated cybersecurity team, global presence and a suite of compliance tools within the proprietary Abacus Client Portal.