Abacus Finance, a New York-based direct lending company that provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, served as administrative agent and sole lender for $21.7 million in senior secured credit facilities to support the leveraged buyout of Schlotterbeck & Foss by Frontenac.
Abacus also made an equity co-investment in Schlotterbeck.
Founded in 1866 and headquartered in Westbrook, ME, Schlotterbeck develops, manufactures and distributes a broad range of gourmet sauces, marinades, condiments, salsas, ice cream toppings, spreads and salad dressings, mostly as private label.
Chicago-based private equity firm Frontenac focuses on investing in lower-middle market buyout transactions in the food, industrial and services industries.
“Abacus conducted its due diligence process efficiently,” said Betsy Williamson, a principal with Frontenac. “And they were able to close this transaction within a very short timeframe.”
“It was great to work with the team at Frontenac, and we were impressed with their knowledge of the food industry space,” said Tim Clifford, president and CEO of Abacus. “The assurance of a quick close and our flexibility – key elements of our Total Partnership Approach – were all important factors for Frontenac.”
Abacus team members involved in the transaction included Aized Rabbani, Rafal Rydzewski and Tim Wong.