Abacus Finance Group served as senior secured credit facilities administrative agent and lead arranger in a senior debt financing to support River Associates’ leveraged buyout of Horsepower Automotive Group. Abacus Finance Group also made an equity co-investment in Horsepower Automotive Group.
Horsepower Automotive Group is a designer and engineer, manufacturer, and distributor of premium, branded automotive aftermarket products built by enthusiasts for enthusiasts. River Associates is a private equity firm based in Chattanooga, TN, which has focused exclusively on investing in the lower middle market for over 35 years.
“Once again all the key elements were in place when working with Abacus – speed, certainty, and industry experience,” said River Associates Principal Blake Lewis.
“We were thrilled to work with a blue-chip lower middle market firm like River Associates. Our relationship dates back 15 years to 2011 when Abacus was founded,” said Tim Clifford, CEO and founding partner of Abacus Finance. “As in past transactions, our success was a function of our speed, structural flexibility, and certainty of close – key aspects of what we call our Total Partnership Approach.”
“We are eager to support both Horsepower Automotive Group and River Associates and look forward to continuing to see the growth of the platform,” said Abacus Senior Managing Director Eric Petersen.
Abacus Vice President Greg Scanlon and Analyst Torielle Simon also helped lead the transaction. Legal counsel was provided by Goulston & Storrs.
