Daily News: March 8, 2012

Abacus Finance Arranges $16 Million for Industrial Magnetics Buyout


Abacus Finance Group, LLC, a New York-based specialty finance company, announced that it served as administrative agent and sole lead arranger for $16 million in senior cash-flow financing to support the leveraged buyout of Industrial Magnetics, Inc. (IMI) by River Associates Investments LLC.

“Abacus was a great fit for the Industrial Magnetics transaction. They were willing to work hand-in-hand with our team at River Associates and the company to fund this transaction on an expedited basis,” said Patten Pettway, partner at River Associates. “The Abacus team provided a strong financing solution and followed that up with a smooth execution. We highly recommend Abacus Finance as a financing partner.”

“We are delighted to begin a relationship with River Associates and provide support to Industrial Magnetics