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Abacus backs Thompson Street’s recap of Custom Wheel House

Abacus Finance Group has provided credit facilities to support Thompson Street Capital Partners' recapitalization of Custom Wheel House.

Abacus Finance Group has provided credit facilities to support Thompson Street Capital Partners’ recapitalization of Custom Wheel House. No financial terms were disclosed. Los Angeles-based Custom Wheel House LLC is a provider of branded automotive aftermarket wheels, performance tires and accessories.

PRESS RELEASE

NEW YORK, NY, January 21, 2020 – 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 recapitalization of Custom Wheel House, LLC (CWH) by Thompson Street Capital Partners. Abacus also made an equity co-investment in CWH.

Founded in 2010 and headquartered in Santa Fe Springs, CA, CWH is a developer, manufacturer and distributor of aftermarket wheels, tires and accessories for car enthusiasts. Thompson Street Capital Partners is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses.

“Once again, Abacus performed as expected – the team knew the industry well, was responsive, flexible and easy to work with, and the result was a smooth transaction that closed on time,” said Thompson Street Managing Director Liz Borow.

“Our longstanding partnership with Thompson Street, which shares our middle market focus, is without question one of our top client relationships,” said Tim Clifford, President and CEO of Abacus. “We know that when they come to us with a transaction, it will involve a high-quality company, and Custom Wheel House certainly fits that mold. Why Thompson Street can Count on Us ™ is the importance they attach to speed and the certainty of close – aspects of our Total Partnership Approach™.”

Abacus team members involved in the transaction included Rafal Rydzewski and Jacob Wise. Legal counsel was provided to Abacus by Goulston & Storrs, PC.

About Custom Wheel House, LLC
Founded in 2010 and headquartered in Santa Fe Springs, CA, CWH is a developer, manufacturer and distributor of aftermarket wheels, tires and accessories for car enthusiasts. The company’s products are sold through an extensive network of auto parts distributors and retailers. CWH’s portfolio of products are engineered to fit most makes and models across production years. CWH manufactures wheels, primarily sold under the Method Wheel House brand for the growing truck and SUV vehicle market, Tensor and GMZ tires, and accessories, apparel and lifestyle products under the Dusty Times brand name. Please visit customwheelhouse.com for more information.

About Thompson Street Capital Partners
Thompson Street Capital Partners is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses. It has acquired more than 100 companies in the Healthcare & Life Science Services, Software & Technology Services and Business Services & Engineered Products sectors and has managed more than $2.6 billion since being founded in 2000. TSCP partners with management teams to increase value by accelerating growth, both organically and via complementary acquisitions. Please visit tscp.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/family office-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 private 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.