ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING IN CONNECTION WITH LINEAGE CAPITAL’S GROWTH INVESTMENT IN DIAMOND MOWERS


New York, NY, March 27, 2018 - 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 today that it served as Administrative Agent and Sole Lender for senior secured credit facilities to support Lineage’s growth investment in Diamond Mowers.

Based in Sioux Falls, South Dakota, and founded in 2000, Diamond Mowers is a leading manufacturer of industrial mowing, mulching, and brush cutting equipment for the municipal, skid-steer and excavator markets. Founded in 2003, Lineage Capital is a Boston-based private equity firm specializing in the recapitalization of family-controlled and owner-managed businesses in the lower-middle market.

“Once again, the Abacus team proved to be flexible in transaction structuring, a reflection of its total focus on meeting borrowers’ needs,” said T. Brook Parker, a Partner with Lineage. “Living up to their reputation, the due diligence was thorough and seamless, they provided assurance of close early on, and moved quickly — all of which was critical in this transaction.”

“This was our second transaction with Lineage, and they again brought us a highly attractive niche company with an impressive portfolio of products and growth opportunities,” said Tim Clifford, President and CEO of Abacus. “This transaction,” noted Abacus Senior Vice President Eric Petersen, “is another 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 Eric Petersen and Joseph Lee. Legal counsel was provided to Abacus by Goulston & Storrs, PC.

About Diamond Mowers

Founded in 2000, Diamond Mowers is based in Sioux Falls, South Dakota and is a leading manufacturer of industrial mowing, mulching, and brush cutting equipment for the municipal, skid-steer and excavator markets. Its products include boom mowers, rotary mowers, flail mowers, forestry mulchers, ditchers, saws, and snow blowers for municipalities, contractors, and land owners. The company entered the skid-steer and excavator attachment markets in 2013 and manufactures rotary mowers and forestry mulchers that attach to skid loaders and excavators — products ideal for small and large-scale brush clearing operations. In 2017 Diamond was included in the Inc. 5000. Visit diamondmowers.com for more information.

About Lineage Capital

Founded in 2003, Lineage is a Boston-based private equity firm specializing in the recapitalization of family-controlled and owner-managed businesses in the lower-middle market. Lineage has deep experience investing across a number of industries, including consumer, industrial, service, and distribution. The firm typically invests in companies with revenues between $20 million and $250 million, EBITDA of at least $4 million, and enterprise values between $20 million and $150 million. Visit lineagecap.com for more information.

About Abacus Finance Group, LLC

Abacus Finance is a leading direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide.  Since its inception in June 2011, it has closed over $1.7 billion in financings.  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 which was founded in 1850. 

Abacus Finance recently moved into its new headquarters at 335 Madison Ave., 23rd 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.

The Total Partnership Approach, which is a registered trademark of Abacus Finance, LLC, brings cash-flow financing expertise, deep industry knowledge and exceptional client service over the lifecycle of each investment.