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Abacus Finance Supports Acquisition of Cutting Edge Services by In-Place Machining Company

January 15, 2019, 08:00 AM
Filed Under: Industry News

Abacus Finance Group, LLC, a provider of cash flow-based, classic senior debt financing for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA, announced today that it served as Administrative Agent and Sole Lender in support of the acquisition of Cutting Edge Services Corp. by In-Place Machining Company, a Platte River Equity Portfolio Company.

Headquartered in Batavia, OH, Cutting Edge Services is a specialty diamond wire cutting, drilling and precision removal contractor. In-Place Machining Company designs and develops specialized machine tool systems and provides precision field machining and measurement services to a broad range of industries. Based in Denver, Colorado, Platte River Equity is a private equity firm focused on equity investments from $20 million to $80 million in lower middle market operating companies with enterprise values generally between $20 million and $250 million.

“Once again, Abacus Finance proved to be a very flexible and reliable partner,” said Platte River Equity Managing Director Mark Brown. “We were given certainty of closure early in the process, the turnaround was quick and the execution seamless. They’re really just great Americans.”

“We have a longstanding relationship with Platte River Equity, which we strongly value, just as they value our Total Partnership Approach™,” said Tim Clifford, President and CEO of Abacus. “Platte River knows the industrial products and services space well, which made the underwriting process go smoothly,” added Abacus Senior Vice President Eric Petersen.

Abacus team members involved in the transaction included Eric Petersen and Joseph Lee. Legal counsel was provided to Abacus by Goulston & Storrs, PC.


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