Abacus forms relationship with Baird

The New York-based specialty finance company provided $18m in senior secured credit facilities in support of Baird’s buyout of Kason Corporation. 

Abacus Finance Group has provided $18 million in senior secured credit facilities in support Baird Capital’s acquisition of Kason Corporation, the firm announced in a statement Monday. The deal is Abacus’ first with Baird.

“We are delighted to begin a relationship with Baird Capital,” said Abacus president and chief executive Tim Clifford in a statement. “We worked hand-in-hand with their team, and we were impressed by their openness and transparency during the due diligence process as well as by the quality of resources they brought to the transaction.”

Clifford had not responded to a request for comment at press time.

“We’ve tried to work with them a bunch of times in the past,” Andrew Brickman of Baird told Private Debt Investor. “We’re excited about this one.”

Baird announced the deal last week. Fifth Street Finance provided undisclosed amount of subordinated debt in support of the transaction, Brickman said.

Kason produces screening and processing materials for bulk solid materials and slurries, according to its website. The New Jersey-based company maintains a presence on four continents.  

Abacus typically invests in private equity-backed lower mid-market companies with enterprise values between $20 million and $125 million. The firm can provide between credit facilities between $10 million and $50 million in size with hold levels between $10 million to $25 million, according to its website.

The firm has been known to offer a number of financing products including revolvers, senior term loans, senior stretch loans, one-stop structures and equity co-investments. In July, Abacus provided $45 million in senior debt financing to support Thompson Street Capital Partners’ formation of the BIO-IVT Group.