Abacus Finance Group has served as administrative agent and sole lead arranger for $25 million in senior secured credit facilities to support the leveraged buyout of Hubbardton Forge. The buyout has been backed by Bunker Hill Capital. Based in Castleton, VT, Hubbardton Forge is a designer and manufacturer of hand-forged residential and commercial lighting products.
Abacus Finance Group, LLC (Abacus), a New York-based specialty lending company dedicated to providing cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced today that it served as Administrative Agent and Sole Lead Arranger for $25 million in senior secured credit facilities to support the leveraged buyout of Hubbardton Forge (Hubbardton) by Bunker Hill Capital (Bunker Hill).
Based in Castleton, VT, Hubbardton Forge is a designer and manufacturer of premium, hand-forged residential and commercial lighting products. Bunker Hill Capital is a Boston-based private equity firm that makes investments in lower-middle market companies in the industrial products, business services, consumer products and specialty retail sectors.
“Abacus Finance was able to meet the unusually tight deadlines that were essential to closing this transaction,” said Rufus Clark, Managing Partner and Co-Founder of Bunker Hill. “We have known the Abacus team members for years, and they lived up to their reputation for delivering on what they promise. Their due diligence was extensive and quickly completed, and the transaction terms they proposed were in line with what we were seeking with respect to both amortization and the cost of capital.”
“This was a great match for us for a number of reasons,” said Tim Clifford, President and CEO of Abacus. “Like us, Bunker Hill’s focus is on lower-middle market companies. We know the firm’s senior partners well and have a great deal of respect for their knowledge of and experience in consumer products and the other sectors in which they invest. As in other transactions, success was a function of our speed, flexibility and ability to provide certainty of close – all important aspects of what we call our Total Partnership ApproachTM.”
Abacus team members involved in the transaction included Sean McKeever, Eric Petersen, and Tim Wong. Abacus was joined in the senior financing by Crescent Capital. The mezzanine partners were The Hartford and The Brookside Group with legal counsel provided to Abacus by Goulston & Storrs, LLP.
About Hubbardton Forge
Based in Castleton, VT, Hubbardton Forge is a designer and manufacturer of premium, hand-forged decorative lighting products. The company’s wrought-iron lighting products are sold for both residential and commercial applications. Hubbardton provides industry leading product design, selection and quality while delivering exceptional customer service. Visit hubbardtonforge.com for more information.
About Bunker Hill Capital
Bunker Hill Capital is a Boston-based private equity firm that makes investments in lower-middle market companies with enterprise values between $40 million and $120 million. The principals of Bunker Hill Capital, who have invested more than $450 million in 31 transactions, target opportunities in the industrial products, business services, consumer products and specialty retail sectors. Visit bunkerhillcapital.com for more information.
About Abacus Finance Group, LLC
Abacus Finance, headquartered in New York, is a specialty lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide. Formed in 2011, Abacus targets debt financing opportunities of up to $50 million with a typical hold size ranging from $10 million to $25 million, and the companies it finances generally have EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank, which was founded in 1850.
Abacus is headquartered at 6 East 43rd Street, 20th Floor, New York, NY 10017. All inquiries and new investment opportunities should be directed to Tim Clifford at 212-850-4620 or to firstname.lastname@example.org.