ABACUS FINANCE LEADS $47 MILLION SENIOR DEBT FINANCING TO SUPPORT BUNKER HILL CAPITAL’S INVESTMENT IN ASPEQ HEATING GROUP
July 13, 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 Joint Lead Arranger for $47 million in senior secured credit facilities to support Bunker Hill Capital, LP’s (Bunker Hill) investment in ASPEQ Heating Group LLC (ASPEQ). Abacus also made an equity co-investment in ASPEQ.
Dating back to 1929 and headquartered in St. Louis, MO, ASPEQ is a manufacturer of highly-engineered electric heating and thermal management technologies, offering through its brands one of the broadest portfolios of thermal management solutions. Bunker Hill Capital is a Boston-based private equity firm that invests in lower-middle market companies in the industrial products, business services, consumer products and specialty retail sectors.
“Our relationship with Abacus is a long one built on mutual trust, and we know exactly what to expect when working with their team,” said Mark H. DeBlois, Co- Founder and Managing Partner. "As in the past,” added Rufus Clark, Co-Founder and Managing Partner, “there was a quick underwriting decision with certainty of close – reasons why they are a go-to lender for us.”
“Once again, Mark and Rufus have come to us with another industry-leading company and a terrific management team,” said Tim Clifford, President and CEO of Abacus Finance. “Bunker Hill knows that we are easy to work with, have the right industry knowledge and are willing to move rapidly – critical ingredients in what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included Eric Petersen, Rafal Rydzewski and Sean McKeever. Legal counsel was provided to Abacus by Goulston & Storrs, LLP.
About ASPEQ Heating Group LLC
Dating back to 1929 and headquartered in St. Louis, MO, ASPEQ is a manufacturer of highly-engineered electric heating and thermal management technologies. The company’s customized and standard designs sold under the INDEECO, Heatrex and AccuTherm brands are value-added solutions in comparison to more standardized, higher-volume heating elements. Combined, ASPEQ’s brands represent one of the industry’s broadest portfolios of thermal management solutions, serving a wide array of markets, applications and customers. Visit aspeqholdings.com for more information.
About Bunker Hill Capital, L.P.
Bunker Hill Capital is a Boston-based private equity firm that makes investments in lower-middle market companies with enterprise values between $30 million and $120 million. The principals of Bunker Hill Capital have invested over $530 million in 34 transactions and target opportunities across four industry sectors including industrial products, business services, consumer products and specialty retail. Visit bunkerhillcapital.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.