Abacus provides financing for wire assembly co. acquisition

The New York-based specialty lender has closed on a deal with a Massachusetts-based wire assembly company, as party of its acquisition by a private equity firm.

New York-based Abacus Finance Group has issued a $19 million senior secured credit facility to assist in the leveraged buyout of Atronix by Wafra Partners and its affiliate Wafra Investment Advisory Group, Abacus announced on Tuesday. Abacus was the administrative agent and sole lead arranger in the transaction. 

Atronix is a provider of cable and wire harnesses and assemblies.  The company is headquartered in Billerica, MA. Wafra, meanwhile, is a private equity firm that targets middle market companies based in North America that have values of $20-150 million. Wafra invests in companies focused on consumer products, outsourced business services, niche manufacturing and consumer-driven services. 

“We are thrilled with the success of the first transaction between Wafra and Abacus Finance,” Wafra managing director Ryan Wierck, said in a statement. And were impressed with Abacus’ expertise, enthusiasm and ability to complete the transaction quickly.”  

“Our previous experience investing in the wire, cable and harness space aligned well with Wafra's needs in the Atronix transaction,” said Tim Clifford, president and chief executive of Abacus Finance.  

Abacus is a specialty lending company dedicated to providing cash-flow senior financing for private equity-sponsored, lower-middle market companies. Abacus team members involved in the transaction included Timothy Wong and Eric Petersen.  Northstar Mezzanine did the mezzanine financing, and legal counsel was provided to Abacus by Goulston & Storrs. This is Abacus’s second deal in two weeks. Last week, the firm announced a new deal with a language training company.