ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING TO SUPPORT THE ADD-ON OF I&I SLING, INC. AND SLINGMAX, INC. BY YALE CORDAGE, A RIVER ASSOCIATES PORTFOLIO COMPANY
New York, NY, May 4, 2023 - Abacus Finance Group, LLC – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of lower middle-market companies – today announced that it served as Senior Secured Credit Facilities Administrative Agent and Lead Arranger for senior secured credit facilities to support the Ad-On of I&I Sling, Inc. and Slingmax, Inc. by Yale Cordage, a River Associates Investments, LP portfolio company. Additionally, Abacus Finance Group made an equity co-investment in I&I Sling, Inc. and Slingmax, Inc.
I&I Sling, Inc., based in Aston, PA, is a premium manufacturer of custom lifting slings, a supplier of rigging hardware and hoists, and a provider of testing, engineering, repair, and inspection services. Slingmax, Inc. is recognized worldwide for local service and quality and innovative solutions for the heavy lift and material handling market. Founded in 1950 and based in Saco, Me., Yale Cordage is a leading designer and manufacturer of high-performance synthetic rope and rope systems for critical, high cost-of-failure applications. River Associates Investments, LP is a private equity firm based in Chattanooga, TN, that focuses exclusively on investing in the lower middle-market and has served as a financial sponsor partner for management teams for over 30 years.
“Once again the Abacus team proved to be flexible, providing great structuring and clean execution,” said River Associates Principal Stuart Vyrule. “This acquisition, in addition to River’s purchase of Yale Cordage in 2020, solidifies the combined business as an industry leader of innovative custom solutions in synthetic ropes and heavy lift slings serving the utility/electric, energy/offshore, infrastructure/construction, arborist, inland marine, and commercial marine industries.”
“We were pleased to have the opportunity to work once again with River Associates,” said Tim Clifford, President and CEO of Abacus. “Our ability to meet their desire for a smooth execution in a short timeframe is just one of the many attributes of our Total Partnership Approach™.” “It is always great to work with River Associates. They have such a long track record of success with a steady stream of underwritings,” added Abacus Managing Director Eric Petersen.
Abacus team members involved in the transaction included Eric Petersen and Greg Scanlon. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About I&I Sling Inc. and Slingmax, Inc.
I&I Sling, Inc., based in Aston, PA, is a premium manufacturer of custom lifting slings, a supplier of rigging hardware and hoists, and a provider of testing, engineering, repair, and inspection services at six full-service locations across the east coast. For further information visit iandisling.com. Slingmax, Inc. is recognized worldwide for local service and quality and innovative solutions for the heavy lift and material handling market. It supplies the most advanced high-performance synthetic slings and multi-part wire rope slings on the market today. The Slingmax organization consists of 37 independent companies in 12 countries, each exclusively licensed, trained and certified to manufacture, repair and test Slingmax® products. For additional information visit slingmax.com.
About Yale Cordage
Founded in 1950, Yale Cordage is a leading designer and manufacturer of high-performance synthetic rope and rope systems for critical, high cost-of-failure applications. Yale Cordage is headquartered in Saco, ME with an additional manufacturing facility in Salisbury, North Carolina. Yale Cordage produces a wide range of specialty ropes for key industries such as: heavy lift, specialty industrial, utility, arborist, life safety, and oceanographic/marine. The company utilizes proprietary equipment and engineering ingenuity to design and manufacture synthetic rope and rope systems for its premier distributors and resellers located across all fifty states and multiple international markets. For more information, please visit yalecordage.com.
About River Associates Investments, LP
River Associates Investments, LP is a private equity firm based in Chattanooga, TN, that focuses exclusively on investing in the lower middle-market and has served as a financial sponsor partner for management teams for over 30 years. Target businesses can be privately held, private equity-backed, or divestitures from larger companies. River Associates is opportunistic as to industry and has invested in numerous manufacturers, high margin distributors, industrial service providers and business service companies. The firm targets U.S. and Canadian companies typically with EBITDA in the $3-15 million range. Since its founding in 1989, River Associates has initiated more than 100 transactions, many of which have been strategic add-on acquisitions to platform companies. For more information, please visit riverassociates.com.
About Abacus Finance Group, LLC
Abacus Finance is a leading direct lending company, focused on providing cash flow senior financing to private equity/family office-sponsored, lower middle-market companies across diverse industries. Since Abacus’s inception in 2011, it has closed over $3 billion in financings. The firm targets private debt financing opportunities of up to $50 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 cliffordt@abacusfinance.com. Please visit abacusfinance.com for more information.
The Total Partnership Approach™, a registered trademark of Abacus Finance, LLC, brings together cash-flow financing expertise, deep industry knowledge and exceptional client service over the lifecycle of each investment – all providing our sponsors with certainty of close and giving them peace of mind. Our team’s deep industry knowledge combined with an obsession for efficiency results in a turnaround time of under 72 hours. This swift response time is just one aspect of our Total Partnership Approach™ – a comprehensive methodology that reflects our emphasis on growing relationships rather than just focusing on the number of transactions.
Why should you Count on Us™? The answer lies in the deep partnerships we forge by going well above and beyond what sponsors traditionally have come to expect. We don’t believe in the phrase “good enough.” We push ourselves to create custom financing solutions tailored for each company – deals are started from the ground up, and we work side-by-side with the private equity sponsors we serve during each stage of the transaction life cycle.