Abacus Finance Group was the Administrative Agent and Joint Lead Arranger for $16 million in senior secured credit facilities to back the just-closed acquisition of Alkota Cleaning Systems by Fulham & Co. Alkota was a portfolio company of Bradford Equities which acquired the company in March 2006 from Spell Capital.
“The Abacus team provided steadfast support throughout an extended process,” said John Fulham III, Managing Partner of Fulham & Co. “We were really impressed by the way they rolled-up their sleeves and dug in to get a thorough understanding of a somewhat unusual business, and that makes Abacus a go-to lender for us.”
Alkota Cleaning Systems manufactures and markets pressure washers and cleaning equipment. Products include industrial hot pressure washers, cold pressure washers, steam cleaners, waste water treatment systems, power parts washers, space heaters, and water heaters. The company also provides detergents that are used in cleaning applications in the transportation specialties, institutional, and food preparation sectors. Alkota was founded in 1964 and is based 50 miles south of Sioux Falls in Alcester, SD (www.alkota.com).
“Alkota is an excellent company in a niche industry, and while it took longer than expected to close the transaction, John and his partners were highly committed to making the investment from the outset. The operating resources Fulham provides will prove to be terrific support for the company,” said Tim Clifford, President and CEO of Abacus Finance. “Having the client acknowledge that they found us easy to work with is a great compliment to our team, and that kind of support on our part is a critical ingredient in what we call our Total Partnership Approach.”
Working with Mr. Clifford on this transaction were Vice President, Eric Petersen and Analyst, Joseph Lee.
Abacus was formed in June 2011 and is an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank, founded in 1850, the largest privately held bank in America with approximately $10 billion in assets. Abacus is based in New York (www.abacusfinance.com).
Fulham & Co. invests in manufacturing companies that sell highly engineered commercial products that are leaders in their niche and have $2 million to $6 million of EBITDA. The firm was founded in 1984 and has $280 million of capital under management. Fulham & Co. is based in Wellesley, MA (www.fulhamco.com).
2015 PEPD • Private Equity’s Leading News Magazine • 5-13-15
