GE Antares, a unit of GE Capital, announced today it served as
administrative agent on a $555 million senior secured credit facility to
support the acquisition of Duro Bag Manufacturing Company by Hilex Poly
Company , a portfolio company of Wind Point Partners. GE Capital Markets
served as joint lead arranger and joint bookrunner on this facility.
Headquartered in Kentucky, Duro Bag is one of the leading providers of
innovative point-of-purchase paper bags to key markets throughout the
United States such as food service, specialty retail, grocery, and mass
merchant. The combined company will provide over 3,000 manufacturing
jobs in the U.S. and more than 600 in Canada and Mexico.
“GE Antares was an ideal financing partner to help join these two
companies,” said Alex Washington, managing director of Wind Point
Partners. “The GE Antares team’s swift execution on this transaction
allowed us to meet our strategic financing needs.”
“We have long supported Hilex, and are excited to once again be part of
its growth goals,” said Mike Hynes, a managing director of GE Antares.
"This is a great opportunity for the company to diversify and we look
forward to their continued success.”
About Hilex Poly, LLC
Hilex Poly, based in Hartsville, S.C., is an industry leading
manufacturer of flexible packaging products, ranging from bags for
grocery, retail, and food service markets, to can liners and specialty
films. The company operates 15 manufacturing locations across the U.S. &
Canada plus the largest closed-loop recycling facility in the U.S. Hilex
Poly’s award winning Bag-2-Bag recycling program was the first closed
loop recycling program to introduce plastic bag and film recycling
programs at supermarkets and retailers that also rewards customers with
high recycled content shopping bags. For more information on Hilex
Poly’s sustainability efforts, plastic bag and film recycling or the
Bag-2-Bag program, visit www.hilexpoly.com.
About Duro Bag Manufacturing Company
Duro Bag is a manufacturer and marketer of retail and luxury paper bags,
for foodservice, grocery, wholesale-distribution and other industries.
The company produces grocery bags, handle bags, compostable paper lawn
and leaf bags, and various specialty bags, including lunch bags,
pharmacy bags, Freshness Paper™ bread bags, food service bags, as well
as a broad range of premium paper shopping bags for luxury retailers in
North America. Additional information about Duro Bag is available at www.durobag.com.
About Wind Point Partners
Wind Point Partners is a private equity investment firm that partners
with top caliber CEOs to acquire middle market businesses where they can
establish a clear path to value creation. Since their founding in 1984,
they have raised over $2.8 billion in commitments. Additional
information about Wind Point is available at www.windpointpartners.com.
About GE Antares Capital
GE Antares is a unit of GE Capital. With offices in Atlanta, Chicago,
Los Angeles, New York, and San Francisco, GE Antares is a leading middle
market lender, offering a “one-stop” source for GE’s lending and other
services offered to middle market private equity sponsors. GE Antares
was recognized by Private Debt Investor and Private Equity
International as 2013 Lender of the Year, North America and Mid-Cap
Lender of the Year, North America, respectively. For more information,
visit geantares.com.
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (https://twitter.com/GECapital).
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com
Copyright Business Wire 2014