Abacus Finance Group, a provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA, served as senior secured credit facilities administrative agent and lead arranger for $17.5 million in senior secured credit facilities to support the leveraged buyout of Caster Connection by River Associates Investments.
Founded in 1987, Caster Connection is a manufacturer, distributor and supplier of high-quality and innovative casters and related components and parts. River Associates Investments is a private equity firm focused exclusively on investing in the lower middle-market.
“Ours is a solid relationship with Abacus, one that goes back over a decade of working together,” Patten Pettway, Jr., partner at River Associates, said.
“Over the years River Associates has been terrific partner, a great fit for us given their investment strategy and the thoroughness of their due diligence preparation,” Tim Clifford, president and CEO of Abacus, said. “As in other transactions, the critical success factors came down to our flexibility and our ability to provide certainty of close – both important aspects of what we call our total partnership approach.”
“Once again, they were easy to work with and very knowledgeable given their long track record of investing in the lower middle market,” Eric Petersen, managing director at Abacus, said.
Abacus team members involved in the transaction included Eric Petersen and Austin Rendell. Legal counsel was provided to Abacus by Goulston & Storrs.
