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Abacus Finance Provides $14.5MM in Acquisition Financing to Mill City Capital

January 10, 2017, 07:47 AM
Filed Under: Manufacturing

Abacus Finance Group, LLC, 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 $14.5 million in senior secured credit facilities to support the leveraged buyout of Behrens Manufacturing by Mill City Capital, L.P.

Founded in 1911 and headquartered in Winona, MN, Behrens Manufacturing – with a 60% market share – is the #1 manufacturer of branded metal containers used in a diverse and growing array of consumer and professional applications. Mill City Capital, a private equity firm based in Minneapolis, MN, manages and invests in companies located in the Midwestern United States and Central/Western Canada in the industrial and consumer sectors.

“It was our first time working with Abacus Finance,” said Lisa Kro, Managing Director of Mill City Capital, “and we were thrilled with the results.” “They provided seamless execution, flexibility, and we were able to close this transaction within a short timeframe,” added Mill City Capital Vice President Dianna Seltz.

“We were very impressed with Mill City’s knowledge of the industry and how much value they can bring to the companies in which they invest,” said Tim Clifford, President and CEO of Abacus. “We were able to give certainty of closure early in the process,” explained Abacus Senior Vice President Timothy Wong. Lisa’s and Dianna’s colleagues quickly found that we are easy to work with – important aspects of what we call our Total Partnership Approach™. We look forward to working with them in the future.”

Abacus team members participating in the transaction included Timothy Wong and Rafal Rydzewski, and legal counsel was provided to Abacus by Goulston & Storrs, PC.

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