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Abacus Finance Provides $21.7MM to Support LBO of Schlotterbeck & Foss by Frontenac

September 19, 2017, 07:15 AM

Abacus Finance Group, a New York-based direct lending company that provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced that it served as Administrative Agent and Sole Lender for $21.7 million in senior secured credit facilities to support the leveraged buyout of Schlotterbeck & Foss Company (Schlotterbeck) by Frontenac. Abacus also made an equity co-investment in Schlotterbeck.

Founded in 1866 and headquartered in Westbrook, ME, Schlotterbeck develops, manufactures and distributes a broad range of gourmet sauces, marinades, condiments, salsas, ice cream toppings, spreads and salad dressings, mostly as private label. A leading private equity firm, based in Chicago, Frontenac focuses on investing in lower-middle market buyout transactions in the food, industrial, and services industries.

“We have had a great relationship with Abacus team for many years, and we are thrilled to close our first transaction with them,” said Walter C. Florence, Frontenac Managing Partner. “Abacus conducted its due diligence process efficiently,” added Betsy Williamson, a Principal with Frontenac, “and they were able to close this transaction within a very short timeframe.”

 “It was great to work with the team at Frontenac, and we were impressed with their knowledge of the food industry space,” said Tim Clifford, President and CEO of Abacus. “The assurance of a quick close and our flexibility –  key elements of our Total Partnership Approach™ – were all important factors for Frontenac.”

Abacus team members involved in the transaction included Aized Rabbani, Rafal Rydzewski and Tim Wong. Legal counsel was provided to Abacus by Goulston & Storrs, PC.

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