ABACUS FINANCE SUPPORTS $55.3 MILLION SENIOR FINANCING FOR TRIVEST PARTNERS' INVESTMENT IN COLUMBUS RECYCLING


June 9, 2014 - Abacus Finance Group, LLC (Abacus), a New York-based specialty lending company dedicated to providing cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced today that it served as Syndication Agent  for $55.3 million in senior secured credit facilities to support the leveraged recapitalization of Columbus Recycling (Columbus) by Trivest Partners, L.P. (Trivest).

Columbus Recycling, based in Columbus, MS, is a leading independent regional metal recycling company operating five facilities in Mississippi and Tennessee. Miami-based Trivest is a private investment firm that focuses on partnering with founder/family owned businesses across the United States and Canada.

“This is our third transaction with the Abacus team in what has become a long-term, trusted relationship,” commented Trivest Partner Russ Wilson, “Once again the process was quick and streamlined from due diligence to close. They are great to work with – always enthusiastic and proactive.” 

“Given our past experience with Trivest, we have a great deal of respect for them as investors and look to partner with them whenever we can,” said Tim Clifford, President and CEO of Abacus. “Once again they brought us a strong, growing business – this time a company operating in the environmental services space which is one of our target markets. As in past transactions, the critical factors were speed, certainty of close, and flexibility in structuring – all important aspects of what we call our Total Partnership Approach.”

Abacus team members involved in the transaction included Sean McKeever and Eric Petersen, and legal counsel was provided to Abacus by Goulston & Storrs, LLP.

About Columbus Recycling

Columbus Scrap Material Inc., doing business as Columbus Recycling, was founded in 1958 and is based in Columbus, MS.  A leading independent regional metal recycling company operating five facilities in Mississippi and Tennessee, Columbus Recycling helps industrial manufacturers manage and monetize their ferrous and non-ferrous scrap metal by leveraging their large fleet of trucks and material handling equipment to efficiently process and deliver material to foundries and steel mills.

About Trivest Partners

Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. Since its founding in 1981, Trivest has completed more than 200 transactions, totaling over $5.1 billion in value. Visit trivest.com for more information.

About Abacus Finance Group, LLC

Abacus Finance, headquartered in New York, NY, is a specialty 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 $50 million with a typical hold size ranging from $10 million to $25 million, and the companies it finances generally have 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. 

Abacus is headquartered at 6 East 43rd Street, 20th Floor, New York, NY 10017. All inquiries and new investment opportunities should be directed to Tim Clifford at 212-850-4620 or to cliffordt@abacusfinance.com. Visit abacusfinance.com for more information.