Direct lender Abacus Finance served as administrative agent and lead arranger on senior secured credit facilities to support the add-on addition of Drew’s Organics by Schlotterbeck & Foss, a Frontenac portfolio company.
Based in Chester, VT, Drew’s Organics manufactures organic and non-GMO dressings, marinades and salsas.
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.
A private equity firm based in Chicago, Frontenac focuses on investing in lower-middle market buyout transactions in the food, industrial, and services industries.
“It’s great to have Abacus as a partner in this strategic acquisition. They were able to upsize the facility and execute the deal within our timeline,” said Walter C. Florence, Frontenac managing partner.
“This was another great transaction with Frontenac,” said Aized Rabbani, managing director at Abacus. “As before, we were impressed with their sector knowledge and due diligence skills.”
Abacus team members involved in the transaction included Rabbani and Rafal Rydzewski. Goulston & Storrs provided legal counsel to Abacus.