Daily News: October 30, 2018

Abacus Finance Supports ARC RECCO Investment


Direct lender Abacus Finance served as administrative agent and sole lender in support of American Refrigeration Company’s (ARC) strategic investment in Refrigeration Engineering & Contracting (RECCO).

Founded in 1996 and headquartered in Andover, MA, ARC is the largest independent industrial refrigeration service company in New England. It is a portfolio company of private equity firm Southfield Capital.

Founded in 1969 and headquartered in Woburn, MA, RECCO is an industrial refrigeration service company that is the number-two competitor in the New England region.

“Abacus has been a great partner for us, and their continued support on this investment made this strategic investment seamless,” said Southfield Partner Tim Lewis.

“We’re very excited to support the RECCO investment with one of our core sponsors,” said Tim Clifford, president and CEO of Abacus.

“Southfield appreciated our flexibility and the quick close – key elements of what we call our Total Partnership Approach,” added Aized Rabbani, managing director at Abacus. “We look forward to continuing our partnership with them in future transactions.”

Abacus team members involved in the transaction included Aized Rabbani and Joseph Lee. Goulston & Storrs provided legal counsel to Abacus.

Headquartered in New York, Abacus Finance is a leading direct lending company focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide. It is an affiliate of New York Private Bank & Trust, which was founded in 1850.