In February 2020, we completed an MBO financing for ABI through our one-stop capabilities, which included a senior secured credit facility, subordinated notes, and preferred equity.
Seven weeks after completing a management buyout, ABI was forced to cease all of their operations, close the factory and furlough 510 employees. On March 23, management made the difficult decision to suspend production and send their employees home. We held conversation with ABI from the start and were involved in their decisions early on.
We pride ourselves on being a supportive and patient partner, and in the early days when there was uncertainty around the pandemic, we provided a sounding board and a voice of experience to give ABI the confidence to run their business with a long-term mindset.