ABACUS FINANCE PROVIDES $17.5 MILLION IN SENIOR DEBT FINANCING TO SUPPORT THE LEVERAGED BUYOUT OF CASTER CONNECTION, LLC BY RIVER ASSOCIATES INVESTMENTS
New York, NY, January 10, 2023 - Abacus Finance Group, LLC – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA – today announced that it served as Senior Secured Credit Facilities Administrative Agent and Lead Arranger for $17.5 million in senior secured credit facilities to support the leveraged buyout of Caster Connection, LLC. by River Associates Investments.
Founded in 1987, Caster Connection, LLC is a leading manufacturer, distributor, and supplier of high-quality and innovative casters and related components and parts. Based in Chattanooga, River Associates Investments is a private equity firm focused exclusively on investing in the lower middle-market.
“Ours is a solid relationship with Abacus, one that goes back over a decade of working together,” said River Associates Partner Patten Pettway, Jr.
“Over the years River Associates has been terrific partner, a great fit for us given their investment strategy and the thoroughness of their due diligence preparation,” said Tim Clifford, President and CEO of Abacus. “As in other transactions, the critical success factors came down to our flexibility and our ability to provide certainty of close – both important aspects of what we call our Total Partnership Approach™.” “Once again, they were easy to work with and very knowledgeable given their long track record of investing in the lower middle market,” added Eric Petersen, Abacus Managing Director.
Abacus team members involved in the transaction included Eric Petersen and Austin Rendell. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Caster Connection, LLC
Founded in 1987, Caster Connection, LLC is a leading manufacturer, distributor, and supplier of high-quality and innovative casters and related components and parts, primarily for material handling applications across numerous end markets. Its high-quality products serve large, direct end-user customers that have complex applications and typically command premium margins compared to those of competitors. For more information, please visit casterconnection.com.
About River Associates
As a private equity firm focused exclusively on investing in the lower middle-market, River Associates Investments has 30 years of experience in closely partnering with management teams. Founded in Chattanooga in 1989, it has built a reputation for integrity and acumen among all its constituencies: limited partners, investment referral sources, senior and mezzanine debt partners, and portfolio company management teams. For more information, please visit riverassociates.com.
About Abacus Finance Group, LLC
Abacus Finance is a leading direct lending company, focused on providing cash flow senior financing to private equity/family office-sponsored, lower-middle market companies across diverse industries. Since Abacus’s inception in 2011, it has closed over $3 billion in financings. The firm targets private debt financing opportunities of up to $50 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 cliffordt@abacusfinance.com. Please visit abacusfinance.com for more information.
The Total Partnership Approach™, a registered trademark of Abacus Finance, LLC, brings together 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.
Why should you Count on Us™? The answer lies in the deep partnerships we forge 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.