Abacus Finance Group was the Syndication Agent and Joint Lead Arranger on senior secured credit facilities used in the January 2016 acquisition of Marketplace Events by Sentinel Capital Partners.
Marketplace Events organizes and operates consumer shows targeting the home improvement and enthusiast market including remodeling, home décor and gardening. The company’s show portfolio is comprised of 44 total events, including 29 US home and garden shows, 13 Canadian home and garden shows, and two holiday boutique shows. Marketplace Events employs 110 people across 12 offices and is led by Tom Baugh, Chief Executive Officer. The company is headquartered near Cleveland in Solon, OH (www.marketplaceevents.com).
“This was our first transaction with the Abacus team,” said Sentinel Partner Michael Fabian, “and they proved to be easy to work with. We were impressed by their efficient due diligence process coupled with the ability to give us a commitment quickly.”
Abacus provides cash flow senior financing to private equity-sponsored, lower-middle market companies that have EBITDA between $3 million and $15 million. Debt facilities can be as large as $50 million with a typical hold size ranging from $10 million to $30 million. Abacus is an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank, founded in 1850. Abacus is based in New York (www.abacusfinance.com).
“Because most of our equity sponsor relationships are longstanding, it is very exciting for us when we get the chance to work with a new partner,” said Tim Clifford, President and CEO of Abacus. “Like us, they target quality lower-middle market firms, so the fit is a good one. And, as Michael said, they appreciated our flexibility, speed, and ability to provide certainty of close – key aspects of what we call our Total Partnership Approach.”
Other Abacus team members involved in the transaction included vice president Eric Petersen and senior associate Jonathan Choa.
Sentinel Capital Partners invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $65 million. Sentinel targets eight industry sectors: aerospace & defense, business services, consumer, distribution, food & restaurants, franchising, healthcare services, and industrials. The firm is headquartered in New York (www.sentinelpartners.com).
Legal counsel was provided to Abacus by Goulston & Storrs (www.goulstonstorrs.com).
© 2016 Private Equity Professional • 2-16-16
