Abacus Finance Group served as administrative agent and sole lender for $20.5 million in senior secured credit facilities to support the leveraged buyout of In-Place Machining Company by Platte River Equity.
Milwaukee-based In-Place Machining designs and develops specialized machine tool systems and provides precision on-site machining and measurement services to a broad range of industries.
Denver-based Platte River Equity is a private equity firm focused on equity investments from $20 million to $80 million in lower-middle market operating companies with enterprise values generally between $40 million and $250 million.
“Abacus Finance proved to be a very flexible and reliable partner,” said Platte River Equity Managing Director Peter W. Calamari. “We were given certainty of closure early in the process. The turnaround was quick and the execution seamless.”
“This was a new relationship for us and we were impressed by the Platte River team,” said Tim Clifford, president and CEO of Abacus. “Peter and his colleagues appreciated that we were easy to work with and that the due diligence process flowed smoothly – key aspects of what we call our total partnership approach. We look forward to working with them again.”