GE Antares, a unit of GE Capital, announced today it served as
administrative agent on a $170 million U.S. credit facility and $10
million Canadian credit facility supporting the acquisition of
Innovative XCessories & Services, LLC (“IXS”) by Olympus Partners. GE
Capital Markets served as joint lead arranger and joint bookrunner on
these facilities.
IXS is a leading designer, manufacturer, and marketer of a broad range
of products and services that enable vehicle manufacturers and
aftermarket dealers to create unique, customized vehicles for their
consumers.
“GE Antares has been a trusted financing partner of Olympus for many
years and their certainty of execution, speed to close and knowledge and
experience in the automotive aftermarket made them an ideal lender for
our acquisition of IXS,” said Jason Miller, principal at Olympus
Partners.
“We're thrilled to provide debt financing to Olympus in support of the
IXS acquisition,” said Chet Zara, senior managing director of GE
Antares. "There are many promising growth opportunities at IXS, and we
look forward to supporting Olympus and management as the company
expands.”
About Innovative XCessories & Services, LLC
Innovative XCessories & Services, LLC ("IXS"), is a leading provider of
spray-on protective coatings, upfit services, and accessories to the
automotive aftermarket and original equipment manufacturers. IXS’
aftermarket division, operating under the brand Line-X, is the global
leader in spray-on protective coatings for pick up truck beds, with 465
franchise locations in the U.S. and Canada and licensees in over 50
countries. Line-X also sells accessories to franchisees through its
Truck Gear line of distributed products. IXS’ OEM division, operating
under the brand Ground Effects, provides spray-on protective coatings
for pick-up truck beds as well as a wide range of other upfit services
and exterior accessories to automotive manufacturers through a network
of 15 co-located facilities across North America.
About Olympus Partners
Founded in 1988, Olympus Partners is a private equity firm focused on
providing equity capital for middle market management buyouts and for
companies needing capital for expansion. Olympus is an active, long-term
investor across a broad range of industries, including consumer
products, healthcare, financial services and business services. For more
information:
www.olympuspartners.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