Abacus Finance Supports Platte River In-Place Machining Refi

Abacus Finance Group served as administrative agent and sole lender for $27.7 million in senior facilities in support of the refinancing of In-Place Machining Company by Platte River Equity.

In-Place Machining Company designs and develops specialized machine tool systems and provides precision field machining and measurement services to a broad range of industries.

Based in Denver, Platte River Equity is a private equity firm focused on equity investments from $20 million to $80 million in lower middle market operating companies with enterprise values generally between $20 million and $250 million.

“It’s always a pleasure working with Abacus – they are always very practical in their approach, allowing for great speed and a high level of confidence in their execution,” said Platte River Equity Managing Director Mark Brown.

“Platte River really knows the industrial services sector very well,” said Tim Clifford, Abacus president and CEO. “They never fail to deliver quality companies with strong management teams.”

“Execution was easy,” added Abacus Director Eric Petersen. “We’ve worked with Platte River’s team repeatedly in the past, and each time we were able to pull the trigger quickly on a closing, an important factor in the value we add through our Total Partnership Approach.”

Abacus team members involved in the transaction included Eric Petersen and Joseph Lee. Legal counsel was provided to Abacus by Goulston & Storrs.

Founded in 2011, Abacus Finance is a direct lending company focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies across diverse industries. It targets debt financing opportunities of up to $75 million with a typical hold size ranging from $10 million to $40 million, and finances companies with EBITDA between $3 million and $15 million.

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