New York-based specialty finance company Abacus Finance Group provided $16 million in senior secured credit facilities to support the acquisition of Dexmet Corporation by Sverica International Management, the firm announced. Based in Wallingford, Conn., Dexmet makes highly engineered expanded foils and polymers used in various applications.
Abacus Finance Group, LLC (Abacus), a New York-based specialty finance company, announced today that it served as Administrative Agent and Sole Lead Arranger for $16 million in senior secured credit facilities to support the acquisition of Dexmet Corporation (Dexmet) by Sverica International Management LLC (Sverica) in partnership with Dexmet management. In addition to providing the financing, Abacus, which focuses exclusively on providing cash flow financing for private equity-sponsored, lower-middle market companies, made an equity co-investment in Dexmet.
Based in Wallingford, CT, Dexmet is a manufacturer of highly engineered expanded foils and polymers used in various applications. Sverica, with offices in Boston and San Francisco, is a leading private equity firm that has raised over $425 million of investment capital.
“From our perspective, Abacus was an ideal partner for this transaction,” said Sverica Managing Director David Finley. “They know the aerospace industry, have experience in niche manufacturing, and were able to offer us certainty of close at an early stage in our negotiations. The team at Abacus was very easy to work with, which allowed us to close the transaction quickly.”
“We have known Sverica for a long time and have explored several transactions with them over the years,” said Tim Clifford, President and CEO of Abacus. “When we were finally able to partner with them, they were terrific to work with. Once again, the factors critical to success were our flexibility with respect to transaction structure, our rapid execution, and our ability to provide certainty of close – important aspects of what we call our Total Partnership ApproachTM.”
Other Abacus team members involved in the transaction included Mindy Naylor and Robby Abraham. Goulston & Storrs, LLP acted as legal counsel to Abacus, and mezzanine financing was provided by Avante Mezzanine.
About Dexmet Corporation
Based in Wallingford, CT, Dexmet Corporation is a developer and manufacturer of highly engineered expanded foils and polymeric materials serving the aerospace, battery, and filtration/industrial markets. The Company designs and assembles its own manufacturing equipment and tooling which enables the Company to expand extremely thin (1 mil to 9 mils) foils and polymers as well as the industry’s largest widths of up to 60 inches. Ongoing innovations include a unique, strand annealing furnace, as well as a host of other, highly specialized, proprietary equipment. Visit dexmet.com for more information.
About Sverica International
With offices in Boston and San Francisco, Sverica, founded in 1993, has raised over $425 million of investment capital. Sverica acquires, invests in, and actively builds companies with management teams that are, or could become, leaders in their industries. Since its founding, Sverica has maintained a “high touch” operating philosophy, taking an active role in portfolio companies and devoting significant internal resources to help management teams develop and execute growth strategies. Visit sverica.com for more information.
About Abacus Finance Group, LLC
Abacus Finance, headquartered in New York, is a lower-middle market specialty finance company, focused on providing senior cash flow financing to private equity-sponsored 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 and is the largest family-owned bank in America.