Abacus Finance Group served as administrative agent and lead arranger for senior secured credit facilities to support the ad-on of I&I Sling and Slingmax by Yale Cordage, a River Associates Investments portfolio company. Additionally, Abacus Finance Group made an equity co-investment in I&I Sling and Slingmax.
I&I Sling, based in Aston, PA, is a manufacturer of custom lifting slings, a supplier of rigging hardware and hoists, and a provider of testing, engineering, repair and inspection services.
Founded in 1950 and based in Saco, ME, Yale Cordage is a designer and manufacturer of synthetic rope and rope systems.
River Associates Investments is a private equity firm based in Chattanooga, TN, that focuses exclusively on investing in the lower middle market and has served as a financial sponsor partner for management teams for more than 30 years.
“Once again the Abacus team proved to be flexible, providing great structuring and clean execution,” Stuart Vyrule, principal at River Associates, said. “This acquisition, in addition to River’s purchase of Yale Cordage in 2020, solidifies the combined business as an industry leader of innovative custom solutions in synthetic ropes and heavy lift slings serving the utility/electric, energy/offshore, infrastructure/construction, arborist, inland marine and commercial marine industries.”
“We were pleased to have the opportunity to work once again with River Associates,” Tim Clifford, president and CEO of Abacus, said. “Our ability to meet their desire for a smooth execution in a short timeframe is just one of the many attributes of our total partnership approach.”
“It is always great to work with River Associates. They have such a long track record of success with a steady stream of underwritings,” Eric Petersen, managing director of Abacus, said.
Abacus team members involved in the transaction included Eric Petersen and Greg Scanlon. Legal counsel was provided to Abacus by Goulston & Storrs.
