ABACUS FINANCE PROVIDES $14.5 MILLION IN SENIOR DEBT FINANCING TO SUPPORT THE LEVERAGED BUYOUT OF BEHRENS MANUFACTURING BY MILL CITY CAPITAL
New York, NY, January 9, 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 Lender for $14.5 million in senior secured credit facilities to support the leveraged buyout of Behrens Manufacturing by Mill City Capital, L.P.
Founded in 1911 and headquartered in Winona, MN, Behrens Manufacturing – with a 60% market share – is the #1 manufacturer of branded metal containers used in a diverse and growing array of consumer and professional applications. Mill City Capital, a private equity firm based in Minneapolis, MN, manages and invests in companies located in the Midwestern United States and Central/Western Canada in the industrial and consumer sectors.
“It was our first time working with Abacus Finance,” said Lisa Kro, Managing Director of Mill City Capital, “and we were thrilled with the results.” “They provided seamless execution, flexibility, and we were able to close this transaction within a short timeframe,” added Mill City Capital Vice President Dianna Seltz.
“We were very impressed with Mill City’s knowledge of the industry and how much value they can bring to the companies in which they invest,” said Tim Clifford, President and CEO of Abacus. “We were able to give certainty of closure early in the process,” explained Abacus Senior Vice President Timothy Wong. “Lisa’s and Dianna’s colleagues quickly found that we are easy to work with – important aspects of what we call our Total Partnership Approach™. We look forward to working with them in the future.”
Abacus team members involved in the transaction included Timothy Wong and Rafal Rydzewski, and legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Behrens Manufacturing
Founded in 1911 and headquartered in Winona, MN, Behrens Manufacturing – with a 60% market share – is the #1 manufacturer of branded metal containers used in a diverse and growing array of consumer and professional applications. Its products – sold through the nation’s largest retailers, wholesalers and distributors – include steel cans, tubs, ovals, pails and watering cans that are found in the cleaning, hardware, lawn and garden, automotive and pet aisles, among others. Visit behrensmfg.com for more information.
About Mill City Capital, L.P.
Mill City Capital, a private equity firm based in Minneapolis, MN, is committed to identifying, executing, and managing private equity investment opportunities through patience, market sector experience and focus, and relationships built over many years of operating in its core Midwest markets. It seeks to create shareholder value by forming partnerships with management teams based on trust and integrity. Its disciplined approach, in which it focuses on companies in the Midwestern United States and Central/Western Canada operating in consumer and industrial sectors which it knows and understands, positions Mill City Capital to identify attractive investment opportunities and to generate superior returns for its investors. Visit millcitycapital.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.