ABACUS FINANCE PROVIDES $21.7 MILLION IN SENIOR DEBT FINANCING TO SUPPORT THE LEVERAGED BUYOUT OF SCHLOTTERBECK & FOSS COMPANY BY FRONTENAC
New York, NY, September 18, 2017 - Abacus Finance Group, LLC (Abacus), 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 $21.7 million in senior secured credit facilities to support the leveraged buyout of Schlotterbeck & Foss Company (Schlotterbeck) by Frontenac. Abacus also made an equity co-investment in Schlotterbeck.
Founded in 1866 and headquartered in Westbrook, ME, Schlotterbeck develops, manufactures and distributes a broad range of gourmet sauces, marinades, condiments, salsas, ice cream toppings, spreads and salad dressings, mostly as private label. A leading private equity firm, based in Chicago, Frontenac focuses on investing in lower-middle market buyout transactions in the food, industrial, and services industries.
“We have had a great relationship with Abacus team for many years, and we are thrilled to close our first transaction with them,” said Walter C. Florence, Frontenac Managing Partner. “Abacus conducted its due diligence process efficiently,” added Betsy Williamson, a Principal with Frontenac, “and they were able to close this transaction within a very short timeframe.”
“It was great to work with the team at Frontenac, and we were impressed with their knowledge of the food industry space,” said Tim Clifford, President and CEO of Abacus. “The assurance of a quick close and our flexibility – key elements of our Total Partnership Approach™ – were all important factors for Frontenac.”
Abacus team members involved in the transaction included Aized Rabbani, Rafal Rydzewski and Tim Wong. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Schlotterbeck & Foss Company
Founded in 1866 and headquartered in Westbrook, ME, Schlotterbeck develops, manufactures and distributes a broad range of gourmet sauces, marinades, condiments, salsas, ice cream toppings, spreads and salad dressings, most privately labeled. Schlotterbeck’s highly differentiated specialty products command premium prices and distinguish the company in the minds of both retailers and consumers. Condiments are Schlotterbeck’s largest product category, sold across all channels. Schlotterbeck’s broad range of meat and seafood condiments include such products as cocktail sauce, bacon jam, country ketchup, crab cake sauce, horseradish aioli, blue cheese mustard and tartar sauce. The company also offers one-of-a-kind salsas with flavors like chipotle corn, chili, harissa sun-dried tomato, mango pineapple and Texas caviar. Visit schlotterbeck-foss.com for more information.
About Frontenac
Frontenac is a leading private equity firm based in Chicago. The firm focuses on investing in lower-middle market buyout transactions in the food, industrial, and services industries. It works in partnership with proven operating leaders, through its executive-centric approach called CEO1ST, to identify, acquire, and build market leading companies through transformational acquisitions and operational excellence. The firm has built a leading franchise working with over 225 owners of mid-sized businesses, almost always families or founders, as they address complex transition issues of liquidity, management enhancement, and growth planning. Visit frontenac.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.