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Abacus Finance Supports Add-on Acquisition of Drew’s Organics by Schlotterbeck & Foss

November 20, 2018, 08:00 AM
Filed Under: Food Manufacturing

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 that it served as Administrative Agent and Lead Arranger for senior secured credit facilities to support the add-on addition of Drew’s Organics by Schlotterbeck & Foss, a Frontenac portfolio company.

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. Drew’s Organics is a manufacturer of organic and non-GMO dressings, marinades and salsas based in Chester, Vermont.  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.

“It’s great to have Abacus as a partner in this strategic acquisition.  They were able to upsize the facility and execute the deal within our timeline,” said Walter C. Florence, Frontenac Managing Partner.  “Abacus was flexible during the transaction which made the process smoother” added Markie Masri, Vice President at Frontenac.

“This was our second transaction with Frontenac. They are a key relationship for Abacus, and they place a high value on our flexibility and speed – key aspects of what we call our Total Partnership Approach™,” said Tim Clifford, President and CEO of Abacus. “This was another great transaction with Frontenac,” added Aized Rabbani, Managing Director at Abacus. “As before, we were impressed with their sector knowledge and due diligence skills.”

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


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