Abacus Finance Group, LLC (Abacus), a New York-based direct lending company that provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced today that it served as Administrative Agent and Lead Arranger for $20.5 million in senior secured credit facilities to support the leveraged buyout of American Refrigerator Company (ARC) by Southfield Capital Advisors (Southfield).
Founded in 1996 and headquartered in Andover, MA, ARC is the largest independent industrial refrigeration service company in New England. Based in Greenwich, CT, Southfield Capital is a private equity firm that invests in high-growth, lower-middle market companies in the outsourced business services and specialty finance sectors.
“This was our second transaction with Abacus,” said Southfield Managing Partner Andy Levison, “and once again we were impressed with the flexibility of the financing structure that they proposed and the speed of their willingness to commit to the transaction.” “Not only that,” added Southfield Partner Heb James, “they really rolled up their sleeves in the due diligence process which was handled quickly and efficiently.”
“As Andy noted, this was our second transaction with Southfield,” said Tim Clifford, President and CEO of Abacus, “and as before, they brought us a company of exceptional quality. We were well prepared for due diligence having taken a deep research dive into the industry – an important step in what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included Aized Rabbani and Joe Lee. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About American Refrigeration Company
Headquartered in Andover, MA, ARC was founded in 1996 and is the largest independent industrial refrigeration service company in New England. ARC provides services for refrigeration and air conditioning system design, alternative refrigerant evaluation, product freezing/cooling response evaluations, energy studies, and computerized plan performance evaluations. ARC also provides construction and equipment maintenance and repair for other industrial and commercial refrigeration and HVAC needs. ARC prides itself in the installation of world class systems for leaders in the food and beverage, cold storage arena, pharmaceutical, and process industries. Visit www.arc.cool for more information.
About Southfield Capital
Based in Greenwich, CT, Southfield Capital is a private equity firm that invests in high-growth, lower-middle market companies in the outsourced business services and specialty finance sectors. The firm targets companies with $4 million to $12 million in EBITDA and partners with management to scale the business through a combination of organic and acquisition growth strategies. For more information, please Visit www.southfieldcapital.com for more information.
About Abacus Finance Group, LLC
Abacus Finance is a direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide. Since inception in June 2011, it has closed over $1.7 billion in financings. Abacus targets debt financing opportunities of up to $60 million with a typical hold size ranging from $10 million to $30 million, and finances companies with EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust which was founded in 1850.