ABACUS FINANCE PROVIDES $20.5 MILLION IN SENIOR DEBT FINANCING TO SUPPORT THE LEVERAGED BUYOUT OF IN-PLACE MACHINING COMPANY BY PLATTE RIVER EQUITY
New York, NY, November 29, 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 Lender for $20.5 million in senior secured credit facilities to support the leveraged buyout of In-Place Machining Company by Platte River Equity.
Headquartered in Milwaukee, Wisconsin, In-Place Machining Company designs and develops specialized machine tool systems and provides precision on-site machining and measurement services to a broad range of industries. Denver-based Platte River Equity is a private equity firm focused on equity investments from $20 million to $80 million in lower-middle market operating companies with enterprise values generally between $40 million and $250 million.
“Abacus Finance proved to be a very flexible and reliable partner,” said Platte River Equity Managing Director Peter W. Calamari. “We were given certainty of closure early in the process, the turnaround was quick and the execution seamless.”
“This was a new relationship for us and we were impressed by the Platte River team,” said Tim Clifford, President and CEO of Abacus. “Peter and his colleagues appreciated that we were easy to work with and that the due diligence process flowed smoothly – key aspects of what we call our Total Partnership Approach™. We look forward to working with them again.”
Abacus team members involved in the transaction included Eric Petersen and Joe Lee, and legal counsel was provided to Abacus by Goulston & Storrs, PC.
About In-Place Machining Company
Founded in 1973 and headquartered in Milwaukee, Wisconsin, In-Place Machining designs and develops specialized machine tool systems and provides precision on-site machining and measurement services to a broad range of industries that includes metal production and forming, defense, aerospace, marine, mining and cement manufacturing, power generation, pulp and paper manufacturing, petrochemical, and bridge and infrastructure. In-Place Machining has more than 80 employees in multiple locations around the United States and perhaps the world’s largest inventory of dedicated on-site machining systems. Visit inplace.com for more information.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on equity investments from $20 million to $80 million in lower middle market operating companies with enterprise values generally between $40 million and $250 million. The firm invests in sectors where it has deep operating and investing experience, including aerospace and transportation, energy, industrial products and services, chemicals, metals, minerals and agriculture. Platte River has raised funds with committed capital in excess of $700 million. Visit platteriverequity.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.