Abacus Finance Group, LLC (Abacus), a New York-based direct lending company that provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced that it served as Administrative Agent and Sole Lender in support of the strategic investment in Refrigeration Engineering & Contraction Co., Inc. (RECCO) by American Refrigeration Company (ARC), a Southfield Capital portfolio company.  

Headquartered in Andover, MA, ARC was founded in 1996 and is the largest independent industrial refrigeration service company in New England. Founded in 1969 and headquartered in Woburn, MA, RECCO is an industrial refrigeration service company that is the number-two competitor in the New England region. Based in Greenwich, CT, Southfield Capital is a private equity firm that invests in high-growth, lower-middle market companies in the outsourced business services and specialty finance sectors.

“Abacus has been a great partner for us, and their continued support on this investment made this strategic investment seamless,” said Southfield Partner Tim Lewis. “Given its industry knowledge, Abacus was very efficient throughout the process,” added Heb James, Southfield Partner.

“We’re very excited to support the RECCO investment with one of our core sponsors,” said Tim Clifford, President and CEO of Abacus. “Southfield appreciated our flexibility and the quick close – key elements of what we call our Total Partnership Approach™,” added Aized Rabbani, Managing Director at Abacus. “We look forward to continuing our partnership with them in future transactions.”

Abacus team members involved in the transaction included Aized Rabbani and Joseph Lee. Legal counsel was provided to Abacus by Goulston & Storrs, PC.