Abacus agrees second deal in a week

The US specialty lending company has underwritten its second deal this month, backing Trivest’s buyout of Columbus Recycling with a senior debt facility.

New York-based Abacus Finance Group has provided a $55.3 million senior secured credit facility to support Trivest Partners’ leveraged buyout of Columbus Recycling, the lender said in a statement.

Columbus is a metal recycling group which operates five facilities in Mississippi and Tennessee. Trivest is a Miami-based private equity firm focused on partnering with founder or family-owned businesses in the US and Canada.

Abacus and Trivest have worked together on two previous deals. Trivest partner Russ Wilson commented: “Once again the process was quick and streamlined from due diligence to close. They are great to work with – always enthusiastic and proactive.”

Sean McKeever, head of underwriting and portfolio management, and senior associate Eric Petersen led the deal for Abacus. Goulston & Storrs provided legal advice.

Last week, the firm provided $32.5 million of senior financing to support the acquisition of particle-processing equipment maker Prater-Sterling by River Associates-owned Industrial Magnetics.