GE Antares, a unit of GE Capital, announced today it closed more than
200 senior loan transactions with corporate borrowers across 88 private
equity firms, including 62 new platforms, totaling more than $27 billion
in financing in 2014, making it the most active lender to private
equity-backed companies in the middle market.
“In 2014, our focus was on providing our clients with flexible financing
structures along with consistent, reliable commitments,” said John
Martin, president and CEO of GE Antares Capital. “Additionally, through
our unique value-creating collaboration, the Access GE program, we
partner our clients up with GE’s industrial businesses and its global
research labs to help mid-market borrowers realize new growth
opportunities.”
In addition, GE Antares closed $2.5 billion in commitments in 2014
through the Senior Secured Loan Program (SSLP), jointly managed by an
affiliate of Ares Capital Corporation and an affiliate of GE Capital.
Since January 2010, the SSLP has committed approximately $16.8 billion
to middle market borrowers, most of it in the form of unitranche loans
that provide clients with faster closings using simpler loan structures.
“Despite ongoing economic uncertainty, the U.S. midmarket continues to
be a key engine of growth for the economy,” commented Martin. “We are
committed to helping this critical segment of our economy continue to
innovate and succeed and will look to continue to deliver beyond the
deal, connecting our clients to GE’s deep industry expertise, such as in
the aerospace, technology and energy sectors.”
In 2014, GE Antares held 330 one-on-one Access GE engagements, touching
280 unique borrowers who leveraged GE’s global insights, resources,
tools and best practices. Through GE Antares’ partnership with the GE
Global Research Center (GRC), one of the world’s first industrial labs,
and GE’s industrial businesses, GE Antares originated 60 potential joint
R&D projects, new supplier relationships and licensing partnerships with
private equity clients and their portfolio companies.
Expanding its coverage of sponsors serving the lower middle market, GE
Antares added three senior bankers in 2014 who closed lower midmarket
transactions totaling $250 million.
Examples of 2014 loan transactions:
Institutional Shareholder Services, Inc.
GE Antares served as administrative agent on a $260 million senior
secured credit facility to support the acquisition of Institutional
Shareholder Services (ISS) by Vestar Capital Partners. Headquartered in
New York, NY, ISS is the leading global provider of corporate governance
solutions for asset managers, asset owners, and corporations, employing
approximately 700 people globally with 15 offices in 10 countries.
"GE Antares did an outstanding job executing this first and second lien
financing," said Andy Cavanna, managing director of Vestar Capital
Partners. "We knew GE would be an excellent financing partner for ISS
given their capital markets expertise as well as their institutional
experience in corporate governance."
Technimark, LLC
GE Antares served as administrative agent on a $251 million senior
credit facility to support The Pritzker Group’s acquisition of
Technimark, LLC. Founded in 1983, Technimark is a plastic injection
molder of packaging for consumer products and industrial components.
Gulfstream Services, Inc.
GE Antares served as administrative agent on a senior secured credit
facility to support the acquisition of Gulfstream Services, Inc. by The
Jordan Company, L.P., in partnership with the existing management team.
Founded in 1978 as Bayou Pump Rentals, Gulfstream Services, Inc. is an
oilfield rental tools & services company that specializes in pressure
control equipment, cementing systems, wireline support and
decommissioning equipment.
“GE’s extensive expertise in the oil & gas industry and flexible
financing structures made them the ideal lender on this transaction.
Their ability to move quickly also helped us land a swift execution,”
said Pete Suffredini, vice president at The Jordan Company.
About GE Antares Capital
GE Antares is a unit of GE Capital. With offices in Atlanta, Chicago,
Los Angeles, Toronto, 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 2015