Abacus Finance Group served as Senior Secured Credit Facilities Administrative Agent and Lead Arranger for senior secured credit facilities to support the Ad-On of I&I Sling, Inc. and Slingmax, Inc. by Yale Cordage, a River Associates Investments, LP portfolio company. Additionally, Abacus Finance Group made an equity co-investment in I&I Sling, Inc. and Slingmax, Inc.
I&I Sling, Inc., based in Aston, PA, is a premium manufacturer of custom lifting slings, a supplier of rigging hardware and hoists, and a provider of testing, engineering, repair, and inspection services. Slingmax, Inc. is recognized worldwide for local service and quality and innovative solutions for the heavy lift and material handling market. Founded in 1950 and based in Saco, Me., Yale Cordage is a leading designer and manufacturer of high-performance synthetic rope and rope systems for critical, high cost-of-failure applications. River Associates Investments, LP is a private equity firm based in Chattanooga, TN, that focuses exclusively on investing in the lower middle-market and has served as a financial sponsor partner for management teams for over 30 years.
“Once again the Abacus team proved to be flexible, providing great structuring and clean execution,” said River Associates Principal Stuart Vyrule. “This acquisition, in addition to River’s purchase of Yale Cordage in 2020, solidifies the combined business as an industry leader of innovative custom solutions in synthetic ropes and heavy lift slings serving the utility/electric, energy/offshore, infrastructure/construction, arborist, inland marine, and commercial marine industries.”
“We were pleased to have the opportunity to work once again with River Associates,” said Tim Clifford, President and CEO of Abacus. “Our ability to meet their desire for a smooth execution in a short timeframe is just one of the many attributes of our Total Partnership Approach™.” “It is always great to work with River Associates. They have such a long track record of success with a steady stream of underwritings,” added Abacus Managing Director Eric Petersen.
Abacus team members involved in the transaction included Eric Petersen and Greg Scanlon. Legal counsel was provided to Abacus by Goulston & Storrs, PC.