Abacus Finance Group has provided financing to back Schlotterbeck & Foss‘s acquisition of Chester, Vermont-based Drew’s Organics, a maker of organic and non-GMO dressings, marinades and salsas. No financial terms were disclosed. Schlotterbeck is a portfolio company of Frontenac. Abacus was the administrative agent and lead arranger for the credit facilities.
NEW YORK, NY, November 20, 2018 – Abacus Finance Group, LLC (Abacus), a New York-based direct lending company that provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced today that it served as Administrative Agent and Lead Arranger for senior secured credit facilities to support the add-on addition of Drew’s Organics by Schlotterbeck & Foss, a Frontenac portfolio company.
Founded in 1866 and headquartered in Westbrook, ME, Schlotterbeck develops, manufactures and distributes a broad range of gourmet sauces, marinades, condiments, salsas, ice cream toppings, spreads and salad dressings, mostly as private label. Drew’s Organics is a manufacturer of organic and non-GMO dressings, marinades and salsas based in Chester, Vermont. A leading private equity firm based in Chicago, Frontenac focuses on investing in lower-middle market buyout transactions in the food, industrial, and services industries.
“It’s great to have Abacus as a partner in this strategic acquisition. They were able to upsize the facility and execute the deal within our timeline,” said Walter C. Florence, Frontenac Managing Partner. “Abacus was flexible during the transaction which made the process smoother” added Markie Masri, Vice President at Frontenac.
“This was our second transaction with Frontenac. They are a key relationship for Abacus, and they place a high value on our flexibility and speed – key aspects of what we call our Total Partnership Approach™,” said Tim Clifford, President and CEO of Abacus. “This was another great transaction with Frontenac,” added Aized Rabbani, Managing Director at Abacus. “As before, we were impressed with their sector knowledge and due diligence skills.”
Abacus team members involved in the transaction included Aized Rabbani and Rafal Rydzewski. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Drew’s Organics
Drew’s Organics is a manufacturer of organic and non-GMO dressings, marinades and salsas based in Chester, Vermont. In 1995 a young chef named Drew started making his own dressings for his family because he couldn’t find healthy options in stores. Over 20 years later, Drew’s Organics is creating a line of intensely flavorful dressings, quick marinades and salsas. Produced in small batches and infused with authentic regional and ethnic flavors, Drew’s unique products totally transform everyday meals. Visit drewsorganics.com for more information.
About Schlotterbeck & Foss Company
Founded in 1866 and headquartered in Westbrook, ME, Schlotterbeck develops, manufactures and distributes a broad range of gourmet sauces, marinades, condiments, salsas, ice cream toppings, spreads and salad dressings, most privately labeled. Schlotterbeck’s highly differentiated specialty products command premium prices and distinguish the company in the minds of both retailers and consumers. Condiments are Schlotterbeck’s largest product category, sold across all channels. Schlotterbeck’s broad range of meat and seafood condiments include such products as cocktail sauce, bacon jam, country ketchup, crab cake sauce, horseradish aioli, blue cheese mustard and tartar sauce. The company also offers one-of-a-kind salsas with flavors like chipotle corn, chili, harissa sun-dried tomato, mango pineapple and Texas caviar. Visit schlotterbeck-foss.com for more information.
Frontenac is a leading private equity firm, based in Chicago. The firm focuses on investing in lower-middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with proven operating leaders, through our executive-centric approach called CEO1ST, to identify, acquire, and build market leading companies through transformational acquisitions and operational excellence. The firm has built a leading franchise working with over 275 owners of mid-sized businesses, almost always families or founders, as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit frontenac.com.
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 nationwide. Since its inception in June 2011, it has closed over $1.9 billion in financings. Abacus targets debt financing opportunities of up to $60 million with a typical hold size ranging from $10 million to $30 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 recently moved into its new headquarters 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 [email protected] Visit abacusfinance.com for more information.
The Total Partnership Approach TM, which is a registered trademark of Abacus Finance, LLC, brings cash-flow financing expertise, deep industry knowledge and exceptional client service over the lifecycle of each investment.