ABACUS FINANCE PROVIDES $20.5 MILLION IN SENIOR DEBT FINANCING TO SUPPORT THE INVESTMENT IN PACIFIC HANDY CUTTER BY LEVINE LEICHTMAN CAPITAL PARTNERS
New York, NY, August 22, 2016 - 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 a $20.5 million senior secured credit facility to support the investment in Pacific Handy Cutter, Inc. (Pacific Handy Cutter) by Levine Leichtman Capital Partners (LLCP).
Headquartered in Irvine, CA, Pacific Handy Cutter has a history of more than 65 years in the manufacture of highly specialized cutting tools engineered to eliminate workplace injuries and product damage. LLCP is an independent investment firm that invests in middle market companies located in the United States and Europe.
“This was our first transaction with Abacus, and they lived up to what is an excellent reputation,” said LLCP Partner Michael B. Weinberg. “Their proposal was very competitive, they were flexible when it came to structuring the transaction, and they were able provide us certainty of closure early on.”
“As Mike noted, this is a new relationship, and the partners of LLCP brought us a terrific company,” said Tim Clifford, President and CEO of Abacus. “Pacific Handy Cutter is a leader in its field with a long track record. As is the case in many of our transactions, early assurance of close – one of the key ingredients of what we call our Total Partnership Approach™ – was of critical importance for the sponsor.”
Abacus team members involved in the transaction included Eric Petersen and Brian Green, and legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Pacific Handy Cutter, Inc.
Headquartered in Irvine, CA, Pacific Handy Cutter has a history of more than 65 years in the manufacture of highly specialized cutting tools engineered to eliminate workplace injuries and product damage. The company is the recognized leader in the industrial safety market for standardizing the method of opening corrugated packaging in grocery, retail, quick service restaurant and industrial warehouse operations. Visit go-phc.com for more information.
About Leichtman Capital Partners
LLCP is a Los Angeles, California based private investment firm that has managed approximately $7.5 billion of institutional capital since its inception. LLCP invests in middle market companies located in the United States and Europe. LLCP is currently making new investments through Levine Leichtman Capital Partners V, L.P., Levine Leichtman Capital Partners Lower Middle Market Fund, L.P., Levine Leichtman Capital Partners Private Capital Solutions, L.P., Levine Leichtman Capital Partners Europe, L.P. and LLCP Co-Investment Fund, L.P. LLCP has offices in Los Angeles, New York, Dallas, Chicago, London and The Hague.
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.