Schellman nets loans backing Lightyear buyout, new entity

Schellman & Co. LLC received $145 million in debt financing backing a buyout of the company by Lightyear Capital, market sources said.

BMO and Madison Capital were arrangers, sources said. Madison Capital was administrative agent. No further details were available.

Lightyear Capital agreed to acquire assets from and partner with Schellman & Co. LLC, forming a new venture, according to a statement on Sept. 17 describing the transaction.

"Going forward, Schellman, a licensed CPA firm, will provide attest services, and Schellman Compliance LLC, a newly formed entity, will provide non-attest services," according to the statement.

Schellman & Co. provides information technology and cybersecurity audits and assessments, including SOC examinations, ISO certifications, FedRAMP assessments, PCI assessments, HITRUST assessments, cloud security assessments, penetration testing and other compliance services.