Abacus Finance Group announced it served as administrative agent and sole lead arranger for senior secured credit facilities to support the investment in Vektek, LLC by LFM Capital Partners, LP and Vektek’s management team.
Headquartered in St. Joseph, MO, Vektek is a manufacturer of hydraulic clamps and other products designed to secure parts during the metal cutting processes associated with the use of computer-controlled machining. LFM Capital, which is based in Nashville, TN, is a private equity firm that invests in private, lower-middle market North American manufacturing and industrial services companies with outstanding growth prospects.
“We selected the Abacus team because of its knowledge of, and experience with niche manufacturing companies,” said LFM Capital Managing Director Steve Cook. “We found them easy to work with and the due diligence and loan structuring processes were handled smoothly and efficiently.”
“This was our first transaction with LFM Capital – they are experienced operators and were great to work with,” said Tim Clifford, President and CEO of Abacus. “Our knowledge of their space enabled us to move quickly and provide a timely close – an important aspect of what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included Eric Petersen and Rafal Rydzewski.
Established in 1974 and headquartered in St. Joseph, MO, Vektek is a manufacturer of hydraulic clamps and other products designed to secure parts during the metal cutting processes associated with the use of computer-controlled machining. Among the company’s products are a broad variety of work-holding devices, pallet fixture accessories, power supplies and auxiliary equipment.
Founded in 2014 and headquartered in Nashville, TN, LFM Capital is a private equity firm that invests in private, lower-middle market North American manufacturing and industrial services companies with outstanding growth prospects. It is led by a team of experienced and successful Fortune 50 global operating executives and private equity professionals who bring decades of management, leadership, operating best practices, and a successful track record in lower-middle market investing.
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.