Daily News: November 14, 2013

Abacus Finance Leads Hubbardton Forge Debt Financing

Abacus Finance Group served as administrative agent and sole lead arranger for $25 million in senior secured credit facilities to support the leveraged buyout of Hubbardton Forge. The buyout was backed by Bunker Hill Capital.

“Abacus Finance was able to meet the unusually tight deadlines that were essential to closing this transaction,” said Rufus Clark, managing partner and co-Founder of Bunker Hill. “We have known the Abacus team members for years, and they lived up to their reputation for delivering on what they promise. Their due diligence was extensive and quickly completed, and the transaction terms they proposed were in line with what we were seeking with respect to both amortization and the cost of capital.”

“This was a great match for us for a number of reasons,” said Tim Clifford, president and CEO of Abacus. “Like us, Bunker Hill’s focus is on lower-middle market companies. We know the firm’s senior partners well and have a great deal of respect for their knowledge of and experience in consumer products and the other sectors in which they invest. As in other transactions, success was a function of our speed, flexibility and ability to provide certainty of close — all important aspects of what we call our Total Partnership ApproachTM.”

Abacus team members involved in the transaction included Sean McKeever, Eric Petersen and Tim Wong. Abacus was joined in the senior financing by Crescent Capital. The mezzanine partners were The Hartford and The Brookside Group with legal counsel provided to Abacus by Goulston & Storrs.

Castleton, VT-based Hubbardton Forge is a designer and manufacturer of premium, hand-forged decorative lighting products.