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 today that it served as Administrative Agent and Lead Arranger for a senior secured credit facility to support the recapitalization of PerTronix, LLC (PerTronix) by Lineage Capital, LLC (Lineage).
Headquartered in San Dimas, CA, PerTronix is a leading manufacturer and marketer of electronic ignition systems and exhaust products sold under a family of brand names. Boston-based Lineage is a private equity firm specializing in the recapitalization of family-controlled and owner-managed lower-middle market companies.
“This was our first transaction with Abacus, and we were more than pleased with the experience, something that came as no surprise because we have worked with the senior members of the Abacus team over many years,” said T. Brook Parker, a Partner with Lineage. “They provided us with the speed and flexibility needed to close the transaction, both of which were critical in this deal. We look forward to working with them on future transactions.”
“It was great to work again with the Lineage principals, some of whom we have known for 15 plus years,” said Tim Clifford, President and CEO of Abacus. “We were excited to be able to support a very highly attractive niche company with an impressive portfolio of brands in the auto enthusiast market. This transaction is a great example of how Lineage’s investment strategy matches up well with our flexibility and our focus on lower-middle market companies – key ingredients of what we call our Total Partnership Approach.”
Abacus team members involved in the transaction included Aized Rabbani and Rafal Rydzewski, andlegal counsel was provided to Abacus by Goulston & Storrs, PC.
Headquartered in San Dimas, CA and founded in 1969, PerTronix is a leading manufacturer and marketer of electronic ignition systems and exhaust products sold under a family of brand names.
Founded in 2003, Boston-based Lineage is a private equity firm specializing in the recapitalization of family-controlled and owner-managed lower-middle market companies. It primarily invests in North American consumer, industrial, service, and distribution businesses. The firm typically invests in companies with revenues between $20 million and $250 million, enterprise values between $20 million and $150 million, and an EBITDA of at least $4 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.