Abacus Finance Group was the Administrative Agent and Joint Lead Arranger for $47 million in senior secured credit facilities to support Bunker Hill Capital’s acquisition earlier this month of ASPEQ Heating Group. Abacus also made an equity co-investment in ASPEQ. “As in the past,” said Rufus Clark, Co-Founder and Managing Partner, “Abacus Finance gave us a quick underwriting decision with certainty of close – reasons why they are a go-to lender for us.”
ASPEQ Heating Group is a manufacturer of both customized and standard design electric-heating and thermal-management products which are sold under the INDEECO, Heatrex and AccuTherm brands. The company’s product portfolio is comprised of thousands of products under approximately 30 product categories that address virtually every electric-heating application across nearly every industrial process and commercial end market. ASPEQ was founded in 2008 and is headquartered in St. Louis (www.aspeqheating.com).
Bunker Hill makes control investments in lower middle market companies with EBITDAs between $5 million and $20 million, and enterprise values up to $120 million. Sectors of interest include industrial products, business services, consumer products, and specialty retail. The firm has offices in Boston and San Diego (www.bunkerhillcapital.com). “Our relationship with Abacus is a long one built on mutual trust, and we know exactly what to expect when working with their team,” said Mark DeBlois, Co- Founder and Managing Partner.
Abacus Finance was formed in June 2011 and is led by Tim Clifford, President and CEO. “Once again, Mark and Rufus have come to us with another industry-leading company and a terrific management team,” said Mr. Clifford. “Bunker Hill knows that we are easy to work with, have the right industry knowledge and are willing to move rapidly – critical ingredients in what we call our Total Partnership Approach.” Abacus team members involved in the transaction included Eric Petersen, Rafal Rydzewski and Sean McKeever.
Abacus Finance 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, the largest privately held bank in America with approximately $10 billion in assets. Abacus is based in New York (www.abacusfinance.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-13-15
