Abacus, Crescent back Bunker Hill deal

The $25m arranged for Bunker Hill Capital’s Hubbardton Forge buyout is the firm’s third announced deal of the month. 

Abacus Finance Group arranged $25 million in senior secured credit facilities to support the leveraged buyout of Hubbardton Forge by Bunker Hill Capital, according to a statement released on Wednesday.

Crescent Capital contributed to the senior financing of the deal. The Hartford and The Brookside Group acted as mezzanine partners on the LBO.

“We have known the Abacus team members for years, and they lived up to their reputation for delivering on what they promise.  Their due diligence was extensive and quickly completed, and the transaction terms they proposed were in line with what we were seeking with respect to both amortization and the cost of capital,” Bunker Hill managing director Rufus Clark said in a statement. Clark did not respond to a request for comment.

Bunker Hill is a private equity firm that specialises in the lower mid-market. The firm typically backs companies with up to $250 million EBITDA and enterprise values between $40 million and $120 million. Bunker Hill segments its investments across four verticals; industrial products, business services, specialty retail and consumer products.

Hubbardton, which is based in Castleton, Vermont, designs and manufactures residential and commercial lighting products.

Abacus is a New York Private Bank & Trust affiliate formed in 2011. The firm provides senior financing to private equity sponsored companies in the US lower mid-market.

Earlier this month, Abacus announced that it had led senior debt financing in support of Clarion Capital’s SQAD buyout. That announcement came just two days after the firm announced that it had provided $18 million to Support Baird Capital’s Leveraged Buyout of Kason Corporation.

Abacus president and chief executive officer Tim Clifford had not responded to a request for comment at press time.