ABACUS FINANCE PROVIDES $27.7 MILLION IN SENIOR DEBT TO SUPPORT THE REFINANCING OF IN-PLACE MACHINING COMPANY BY PLATTE RIVER EQUITY
New York, NY, May 7, 2019 - Abacus Finance Group, LLC, a leading provider of cash flow-based, classic senior debt financing for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA, announced today that it served as Administrative Agent and Sole Lender for $27.7 million in senior facilities in support of the refinancing of In-Place Machining Company by Platte River Equity.
In-Place Machining Company designs and develops specialized machine tool systems and provides precision field machining and measurement services to a broad range of industries. 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 $20 million and $250 million.
“It’s always a pleasure working with Abacus – they are always very practical in their approach, allowing for great speed and a high level of confidence in their execution,” said Platte River Equity Managing Director Mark Brown.
“Platte River really knows the industrial services sector very well,” said Tim Clifford, President and CEO of Abacus, “and they never fail to deliver quality companies with strong management teams.” “Execution was easy,” added Abacus Director Eric Petersen. “We’ve worked with Platte River’s team repeatedly in the past, and each time we were able to pull the trigger quickly on a closing, an important factor in the value we add through our Total Partnership Approach™.”
Abacus team members involved in the transaction included Eric Petersen and Joseph Lee. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About In-Place Machining Company, LLC
In-Place Machining designs and develops specialized machine tool systems and provides precision field machining and measurement services to a broad range of industries. It has more than 100 highly skilled employees in multiple locations as well as one of the largest inventories of dedicated on-site machining tools and systems in the country. In-Place Machining recently acquired Cutting Edge Services, a specialty diamond wire cutting, drilling and precision removal contractor headquartered in Batavia, OH. Please 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 $20 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 manages in excess of $1.3 billion across its four funds. Please 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 diverse 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 TM, which is a registered trademark of Abacus Finance, LLC, entails 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.
How do we go about MAKING LIFE EASIER™? The key lies in forging deep partnerships 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.