ABACUS FINANCE CLOSES SENIOR FINANCING FOR CORINTHIAN CAPITAL’S ACQUISITION OF METALTEC STEEL ABRASIVE CO.
January 14, 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 senior secured credit facilities to support the newly formed partnership between Metaltec Steel Abrasive Co. (Metaltec) and its management team and Corinthian Capital Group, LLC (Corinthian).
Based in Canton, MI, Metaltec is a leading manufacturer of metal abrasive materials used in shot peening, surface profiling, and blast cleaning applications in foundries and metal preparation shops. It is the only U.S. manufacturer – and one of only two globally – to utilize its specific casting technology. As a result, the company is able to produce the most durable steel shot product available. Over its 30-plus year operating history, Metaltec has positioned itself for continued growth as an industry leader, servicing customers in North and South America with the most efficiently produced and highest quality shot and grit products available.
“We enjoy working with the Abacus team and have had a great relationship with them for many years,” said George A. Parry, Vice President of Corinthian. “They conducted their due diligence process efficiently, and they were flexible on the structure of the agreement and especially with respect to the mezzanine tranche.”
“Corinthian’s investment focus on smaller buyouts dovetails nicely with our focus on lower-middle market companies," said Tim Clifford, President and CEO of Abacus Finance. “We value our history with George Parry and his partner Jim McNair, and their relationship with us means a good deal. As in other transactions, the critical success factors for us came down to flexibility and our ability to provide certainty of close – both important aspects of what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included Sean McKeever and Rafal Rydzewski. Patriot Capital provided mezzanine financing, and legal counsel was provided to Abacus by Goulston & Storrs, LLP.
About Metaltec Steel Abrasive Co.
Founded in 1981 and based in Canton, MI, Metaltec is a leading manufacturer of metal abrasive materials, including both steel shot and steel grit, used in shot peening, surface profiling, and blast cleaning applications in foundries and metal preparation shops across North America. Metaltec is the only U.S. manufacturer – and one of only two globally – of its specific value-added technology, uniquely positioning it in the North American manufacturing and infrastructure markets. Visit www.metaltecsteel.com for more information.
About Corinthian Capital Group, LLC
Corinthian is a private equity firm targeting investments in niche manufacturing, distribution, and service businesses with EBITDA between $5 million and $30 million, located primarily in North America. Corinthian is based in New York, NY, and it has offices in Chicago, IL and Boston, MA. Visit www.corinthiancap.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 firstname.lastname@example.org. 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.