ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING TO SUPPORT THE LEVERAGED BUYOUT OF SURFACE PREPARATION TECHNOLOGIES BY BRANFORD CASTLE PARTNERS
New York, NY, February 28, 2017 - 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 senior secured credit facilities to support the leveraged buyout of Surface Preparation Technologies LLC (SPT) by Branford Castle Partners L.P. (Branford Castle). Abacus also made an equity co-investment in SPT.
Founded in 1988 and based in Mechanicsburg, PA, SPT is the nation’s leading provider of shoulder and centerline rumble strips, having installed more than 150,000 miles of rumble strips across 48 states. Branford Castle is a private market investor that is focused on working with already strong companies that typically have under $100MM in sales.
“We are especially excited,” said Eric Korsten, Managing Director at Branford Castle, “to have worked on this investment with Abacus Finance Group. They demonstrated flexibility and creativity during the execution and worked towards a successful close in a timely manner.”
“This was our first transaction with a firm that has been a leader in private equity investing since its beginnings under the guidance of John K. Castle. They were easy to work with and placed a high value on our flexibility and speed – key aspects of what we call our Total Partnership Approach™,” said Tim Clifford, President and CEO of Abacus.
Abacus team members involved in the transaction included Aized Rabbani and Brian Green. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Surface Preparation Technologies, LLC
Founded in 1988 and based in Mechanicsburg, PA, SPT is the nation’s leading provider of shoulder and centerline rumble strips, having installed more than 150,000 miles of rumble strips across 48 states. The company also offers other roadway safety services, including sinus pattern rumble strips, brooming, oiling, grooving for recessed pavement markings, and roadway line removal services. Visit rumblestrips.com for more information.
About Branford Castle Partners L.P.
Branford Castle is a private market investor that is focused on working with already strong companies that typically have under $100MM in sales. Branford’s mission is to work with these companies to maximize the company’s potential, both in terms of strengthening the existing operation and helping it grow. Headquartered in New York, Branford was founded in 1986 by John K. Castle, an early founder of the private equity industry and one of its most successful investors. Visit branfordcastle.com for more formation.
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.