Abacus Finance Group, LLC, a New York-based direct lending company that provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced it served as Administrative Agent and Sole Lender for $20.5 million in senior secured credit facilities to support the leveraged buyout of In-Place Machining Company by Platte River Equity.
Headquartered in Milwaukee, Wisconsin, In-Place Machining Company designs and develops specialized machine tool systems and provides precision on-site machining and measurement services to a broad range of industries. Denver-based Platte River Equity is a private equity firm focused on equity investments from $20 million to $80 million in lower-middle market operating companies with enterprise values generally between $40 million and $250 million.
“Abacus Finance proved to be a very flexible and reliable partner,” said Platte River Equity Managing Director Peter W. Calamari. “We were given certainty of closure early in the process, the turnaround was quick and the execution seamless.”
“This was a new relationship for us and we were impressed by the Platte River team,” said Tim Clifford, President and CEO of Abacus. “Peter and his colleagues appreciated that we were easy to work with and that the due diligence process flowed smoothly – key aspects of what we call our Total Partnership Approach™. We look forward to working with them again.”
Abacus team members involved in the transaction included Eric Petersen and Joe Lee, and legal counsel was provided to Abacus by Goulston & Storrs, PC.
Founded in 1973 and headquartered in Milwaukee, Wisconsin, In-Place Machining designs and develops specialized machine tool systems and provides precision on-site machining and measurement services to a broad range of industries that includes metal production and forming, defense, aerospace, marine, mining and cement manufacturing, power generation, pulp and paper manufacturing, petrochemical, and bridge and infrastructure. In-Place Machining has more than 80 employees in multiple locations around the United States and perhaps the world’s largest inventory of dedicated on-site machining systems.
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on equity investments from $20 million to $80 million in lower middle market operating companies with enterprise values generally between $40 million and $250 million. The firm invests in sectors where it has deep operating and investing experience, including aerospace and transportation, energy, industrial products and services, chemicals, metals, minerals and agriculture. Platte River has raised funds with committed capital in excess of $700 million.
Abacus Finance is a direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide. Formed in June 2011, Abacus targets debt financing opportunities of up to $60 million with a typical hold size ranging from $10 million to $30 million, and finances companies with EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank, which was founded in 1850.