ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING TO SUPPORT THE ACQUISITION OF KASON CORPORATION BY ADVANCED MATERIAL PROCESSING, A MAY RIVER CAPITAL PORTFOLIO COMPANY
New York, NY, September 9, 2019 - 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 Administrative Agent and Sole Lender for senior secured credit facilities to support the acquisition of Kason Corporation by Advanced Material Processing (“AMP”), a newly-formed May River Capital portfolio company.
Founded in 1967 and based in Millburn, NJ, Kason offers the widest selection of screening and processing equipment in the world – from the most basic machines to the most sophisticated high capacity systems. Founded in 1938 and headquartered in Marion, IA, Marion Process Solutions is a designer and manufacturer of built-to-order custom process solution equipment and systems. May River Capital is a Chicago-based private equity firm focused on investing in lower middle market industrial growth companies. Both businesses are wholly owned by AMP.
“The transaction was handled smoothly and rapidly from the outset,” said May River Capital Founder Chip Grace. “We were impressed that the Abacus team knew both the material processing sector and the company. They were responsive, efficient, easy to work, and delivered on time as promised.”
“This was our first transaction with May River,” said Tim Clifford, President and CEO of Abacus, “and we were pleased that they worked so well with us during what was a very smooth due diligence process.” “They were an excellent team to work with,” added Abacus Director Eric Petersen, “and made our underwriting and documentation easy. Therefore, we were able to move quickly – an important aspect of Making Life Easier™ through our Total Partnership Approach™.”
Abacus team members involved in the transaction included Eric Petersen, Joe Lee and Austin Rendell. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Kason Corporation
Founded in 1967 and based in Millburn, NJ, Kason offers the widest selection of screening and processing equipment in the world – from the most basic machines to the most sophisticated, high capacity systems. It designs and manufactures highly-engineered industrial process control equipment for the separation/filtration and thermal/moisture control of dry solids and slurries. Among the products Kason custom engineers and manufactures are circular screeners, centrifuges, and fluid-bed technologies. The company serves a wide range of end-markets that includes food and dairy, chemicals and plastics, among others.
About Marion Process Solutions
Founded in 1938 and headquartered in Marion, IA, Marion Process Solutions is a designer and manufacturer of built-to-order custom process solution equipment and systems. Its core products include industrial mixers and blenders, as well as microwave vacuum drying systems, for customers in the food, nutraceutical, mineral, plastic and biomass industries.
About May River Capital
May River Capital is a Chicago-based private equity firm focused on investing in lower middle market industrial growth companies. May River Capital invests in high-quality industrial growth businesses, including precision manufacturing, engineered products, specialized industrial services, and value-added industrial distribution services.
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 Abacus’s inception in June 2011, it has closed over $2 billion in financings. The firm targets 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.
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.