Abacus Finance Group announced Tuesday that it served as joint lead arranger and syndication agent for a senior secured debt financing to support the acquisition of Doss Aviation Inc. by J.F. Lehman & Company. Colorado Springs, Colo.-based Doss Aviation is a provider of critical military aviation support services. J.F. Lehman is a middle-market buyout shop focused on the defense, aerospace and maritime sectors. Terms of the deal were not released.
Abacus Finance Group, LLC (Abacus), a New York-based specialty finance company, announced today that it served as Joint Lead Arranger and Syndication Agent for a senior secured debt financing to support the acquisition of Doss Aviation, Inc. (Doss Aviation) by J.F. Lehman & Company (J.F. Lehman). The amount of the transaction was not disclosed. Abacus focuses exclusively on providing cash-flow financing for private equity-sponsored, lower-middle market companies. Abacus was joined in the transaction by BNP Paribas, which acted as Joint Lead Arranger and Administrative Agent. Legal counsel to Abacus was provided by Goulston & Storrs, LLP.
Founded in 1970 and based in Colorado Springs, Co., Doss Aviation is a provider of critical military aviation support services, including pilot screening and training, aircraft maintenance and airfield logistics. J.F. Lehman is a leading middle-market private equity firm focused exclusively on the defense, aerospace and maritime sectors. The firm is headquartered in New York and has offices in Washington, D.C. and London.
“From the outset we were impressed by Abacus’s enthusiasm, speed and responsiveness,” said Stephen Brooks, Partner of J.F. Lehman. “In what was a complicated transaction, they proved to be flexible when it came to structuring the terms of the financing, and they clearly understand the dynamics of lower-middle market companies. We look forward to future transactions with Abacus.”
“We are excited to be working with J.F. Lehman, a high caliber investment firm serving aerospace and defense companies – their experience and sector focus match up well with our experience and our interest in these industries,” said Tim Clifford, President and CEO of Abacus. “Particularly important to J. F. Lehman, we believe, was knowing that we have a reputation for being easy to work with and closing deals on time, as promised – important aspects of what we call our Total Partnership ApproachTM.”
About Doss Aviation, Inc.
Founded in 1970 and based in Colorado Springs, Co., Doss Aviation provides critical military aviation support services to the Air Force, Navy and Army. Services include screening and initial training of pilots, aircraft maintenance and airfield logistics. With more than 40 years experience as an aerospace and defense contractor, Doss Aviation has approximately 500 full-time employees and maintains a presence at 14 sites worldwide. Visit dossaviation.com for more information.
About J.F. Lehman & Company
With offices in New York, Washington, D.C. and London, J.F. Lehman is a leading middle-market private equity firm focused exclusively on the defense, aerospace and maritime industries and the technologies that originate from them. Founded in 1992 by Dr. John F. Lehman, who served six years as Secretary of the United States Navy and, more recently, as a member of the National Commission on Terrorist Attacks Upon the United States (the “9/11 Commission”), the firm has made investments in companies with an aggregate transaction value of approximately $1.6 billion. Visit jflpartners.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 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 sponsored by New York Private Bank & Trust, the holding company for Emigrant Bank, founded in 1850, the largest privately held bank in America with approximately $12 billion in assets. Abacus is headquartered at 6 East 43rd Street, 20th Floor, New York, NY 10017.