ABACUS FINANCE LEADS $16 MILLION SENIOR DEBT FINANCING TO SUPPORT FULHAM & CO.’S LEVERAGED BUYOUT OF ALKOTA CLEANING SYSTEMS
May 12, 2015 - 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 Sole Lead Arranger for $16 million in senior secured credit facilities to support the leveraged buyout of Alkota Cleaning Systems, Inc. (Alkota) by Fulham & Co., Inc. (Fulham).
Alkota, founded in 1964 and based in Alcester, SD, is a leading manufacturer of premium commercial and industrial pressure washing and cleaning equipment for a range of end markets. Founded in 1984 and based in Wellesley, MA, Fulham invests in companies that sell highly engineered commercial products and have developed an important position in their niche markets.
“The Abacus team provided steadfast support throughout an extended process,” said John N. Fulham III, Managing Partner. "We were really impressed by the way they rolled-up their sleeves and dug in to get a thorough understanding of a somewhat unusual business, and that makes Abacus a go-to lender for us.”
“Alkota is an excellent company in a niche industry, and while it took longer than expected to close the transaction, John and his partners were highly committed to making the investment from the outset. The operating resources Fulham provides will prove to be terrific support for the company," said Tim Clifford, President and CEO of Abacus Finance. “Having the client acknowledge that they found us easy to work with is a great compliment to our team, and that kind of support on our part is a critical ingredient in what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included Eric Petersen and Joe Lee, and legal counsel was provided to Abacus by Goulston & Storrs, LLP.
About Alkota Cleaning Systems, Inc.
Founded in 1964 and based in Alcester, SD, Alkota is a leading manufacturer of premium commercial and industrial pressure washing and cleaning equipment for a range of end markets that includes agriculture, energy, transportation, and construction. In addition to cleaning equipment, the company offers lines of specially formulated detergents marketed under the Alkota and Hydrus brands for use in the pressure washer industry. Visit alkota.com for more information.
About Fulham & Col, Inc.
Since its founding in 1984, Fulham has invested in 34 companies that sell highly engineered commercial products and have developed an important position in their niche markets. Based in Wellesley, MA, the firm manages approximately $280 million in two investment funds. Visit fulhamco.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 across a wide array of industries. Since its inception in June 2011, it has closed over $2 billion in financings. Abacus targets debt financing opportunities of up to $75 million with a typical hold size ranging from $10 million to $40 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 is located at 335 Madison Avenue, 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. Please 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, and our way of Making Life Easier over the lifecycle of each investment for our private equity sponsors.