Abacus Finance has provided credit facilities to back Advanced Material Processing‘s acquisition of Millburn, New Jersey-based Kason Corporation, a maker of screening, drying, cooling and processing equipment. No financial terms were disclosed. Abacus Finance was administrative agent and sole lender on the financing. AMP is a portfolio company of May River Capital.
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 in1938 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.