Abacus Finance Group has provided a $19 million in senior secured credit facility to support the leveraged buyout of Atronix by Wafra Partners and its affiliate Wafra Investment Advisory Group. Headquartered in Billerica, MA, Atronix is a provider of cable assemblies, wire harnesses and electromagnetic assemblies.
Abacus Finance Group, LLC, 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 $19 million in senior secured credit facilities to support the leveraged buyout of Atronix, Inc. (Atronix) by Wafra Partners LLC and its affiliate Wafra Investment Advisory Group, Inc. (Wafra).
Atronix, Inc., headquartered in Billerica, MA, is a leading provider of cable assemblies, wire harnesses and electromagnetic assemblies. Wafra, which is based in New York, NY, is a private equity firm focused on the acquisition of North American middle market companies.
“We are thrilled with the success of the first transaction between Wafra and Abacus Finance,” said Wafra Managing Director Ryan Wierck, “and were impressed with Abacus’ expertise, enthusiasm and ability to complete the transaction quickly.”
“Our previous experience investing in the wire, cable and harness space aligned well with Wafra’s needs in the Atronix transaction,” said Tim Clifford, President and CEO of Abacus Finance. “A smooth due diligence process, certainty of close, and flexibility in structuring – key principles of the Abacus Finance Total Partnership ApproachTM – are all the reasons why private equity sponsors choose Abacus as a trusted lending partner.”
Abacus team members involved in the transaction included Timothy Wong and Eric Petersen. Northstar Mezzanine did the mezzanine financing, and legal counsel was provided to Abacus by Goulston & Storrs, LLP.
About Atronix, Inc.
Atronix, Inc. is a leading provider of cable assemblies, wire harnesses and electromagnetic assemblies. Founded in 1980, Atronix delivers turn-key manufacturing services from its ISO 9001:2008 registered facilities in Billerica, MA, Tucson, AZ and Nogales, Sonora, Mexico, and partner production facilities in China. Atronix’s customers are high quality blue-chip companies that span a diverse set of operations, end-markets, and geographic locations. Visit atronix.com for more information.
About Wafra Partners LLC and Wafra Investment Advisory Group, Inc.
Wafra is a private equity firm that targets middle market companies based in North America that have enterprise values between $20 million and $150 million. Wafra invests in companies focused on consumer products, outsourced business services, niche manufacturing, and consumer-driven services. Visit wafrapartners.com for more information.
About Abacus Finance Group, LLC
Abacus Finance is a specialty lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide. Formed in June 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 Finance is headquartered at 6 East 43rd Street, 20th Floor, New York, NY 10017.