Abacus Finance Group LLC has provided undisclosed financing to back American Refrigeration Company‘s investment in Andover, Massachusetts-based Refrigeration Engineering & Contraction Co. Inc, an independent industrial refrigeration service company. ARC is a portfolio company of Southfield Capital. Abacus was the administrative agent and sole lender on the financing.
NEW YORK, NY, October 29, 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 Sole Lender in support of the strategic investment in Refrigeration Engineering & Contraction Co., Inc. (RECCO) by American Refrigeration Company (ARC), a Southfield Capital portfolio company.
Headquartered in Andover, MA, ARC was founded in 1996 and is the largest independent industrial refrigeration service company in New England. Founded in 1969 and headquartered in Woburn, MA, RECCO is an industrial refrigeration service company that is the number-two competitor in the New England region. Based in Greenwich, CT, Southfield Capital is a private equity firm that invests in high-growth, lower-middle market companies in the outsourced business services and specialty finance sectors.
“Abacus has been a great partner for us, and their continued support on this investment made this strategic investment seamless,” said Southfield Partner Tim Lewis. “Given its industry knowledge, Abacus was very efficient throughout the process,” added Heb James, Southfield Partner.
“We’re very excited to support the RECCO investment with one of our core sponsors,” said Tim Clifford, President and CEO of Abacus. “Southfield appreciated our flexibility and the quick close – key elements of what we call our Total Partnership Approach™,” added Aized Rabbani, Managing Director at Abacus. “We look forward to continuing our partnership with them in future transactions.”
Abacus team members involved in the transaction included Aized Rabbani and Joseph Lee. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About American Refrigeration Company
Headquartered in Andover, MA, ARC was founded in 1996 and is the largest independent industrial refrigeration service company in New England. ARC provides services for refrigeration and air conditioning system design, alternative refrigerant evaluation, product freezing/cooling response evaluations, energy studies, and computerized plan performance evaluations. ARC also provides construction and equipment maintenance and repair for other industrial and commercial refrigeration and HVAC needs. ARC prides itself in the installation of world class systems for leaders in the food and beverage, cold storage arena, pharmaceutical, and process industries. Visit arc.cool for more information.
Founded in 1969 and headquartered in Woburn, MA, RECCO is an industrial refrigeration service company and the number two competitor in the New England region. RECCO manages customer refrigeration systems including regular monitoring and repair, replacement of key system components, and in-house design, installation, and engineering. In addition, RECCO has a parts/equipment business. Visit reccousa.com for more information.
About Southfield Capital
Based in Greenwich, CT, Southfield Capital is a private equity firm that invests in high-growth, lower-middle market companies in the outsourced business services and specialty finance sectors. The firm targets companies with $4 million to $12 million in EBITDA and partners with management to scale the business through a combination of organic and acquisition growth strategies. Visit southfieldcapital.com for more information.
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 firstname.lastname@example.org. Visit abacusfinance.com for more information.