Abacus Finance Group provided $18 million in senior secured credit facilities to support the leveraged buyout of Kason Corporation, a manufacturer of industrial screening and process control equipment, by private equity firm Baird Capital. Abacus was joined in the financing by mezzanine partner Fifth Street Finance, and legal counsel was provided to Abacus by Goulston & Storrs, LLP.
Abacus Finance Group, LLC (Abacus), a New York-based specialty lending company dedicated to providing cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced today that it served as Administrative Agent and Sole Lead Arranger for $18 million in senior secured credit facilities to support the leveraged buyout of Kason Corporation (Kason) by the U.S. Private Equity group of Baird Capital.
Based in Milburn, NJ, Kason is a leading manufacturer of highly engineered industrial screening and process control equipment. Baird Capital, headquartered in Chicago, invests in growing and profitable lower middle market companies in the business services, healthcare, industrial and consumer products sectors.
“Abacus was an outstanding partner for the Kason transaction,” said C. Andrew Brickman, a partner with Baird Capital. “We were impressed with their responsiveness and willingness to roll up their sleeves and dig into the business. They asked the right questions and were quick to grasp the Kason business model, enabling them to commit early and deliver a flexible and comprehensive financing package. We look forward to working with Abacus again in the future.”
“We are delighted to begin a relationship with Baird Capital,” said Tim Clifford, President and CEO of Abacus. “We worked hand-in-hand with their team, and we were impressed by their openness and transparency during the due diligence process as well as by the quality of resources they brought to the transaction. They were particularly pleased by the level of service we were able to provide in terms of speed and flexibility in transaction structuring – all part of Abacus’s client-centric Total Partnership ApproachTM.”
Abacus team members involved in the transaction included Sean McKeever and Eric Petersen. Abacus was joined in the financing by mezzanine partner Fifth Street Finance, and legal counsel was provided to Abacus by Goulston & Storrs, LLP.
About Kason Corporation
Based in Milburn, NJ, Kason is a leading manufacturer of highly engineered industrial screening and process control equipment. With more than 50 years of design experience solving the toughest screening, drying and cooling problems, Kason serves a range of industries that includes food, pharmaceutical, chemical, plastic, energy, minerals, aerospace and defense. Visit Kason.com for more information.
About Baird Capital
Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Since 1989, Baird Capital’s U.S. Private Equity group has invested in growing and profitable lower-middle-market companies in the Business Services, Healthcare, and Industrial and Consumer Products sectors. Having invested in more than 270 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in Asia, a proactive portfolio operations team and a deep network of relationships which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.
About Abacus Finance Group, LLC
Abacus Finance, headquartered in New York, is a specialty lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market 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.