GE Capital’s Telecom, Media and Technology (TMT) financing business
today announced it completed more than 50 transactions totaling $5
billion during 2014, including $1.3 billion across 17 technology sector
transactions. The TMT business addressed the financial needs of
customers in key growth sectors including the cable, data center, metro
fiber, radio, TV, digital media and software industries, among others.
“We attribute another strong year to delivering consistent, reliable
commitments coupled with industry expertise that is unique to GE,” said
Pete Foley, senior managing director of TMT. “The addition of sell-side
analyst Raj Seth to our technology team and our ability to connect
customers to the expertise, resources and opportunities resident at GE’s
software business in California helped us successfully serve middle
market businesses in the technology space.”
In 2014, GE Capital’s TMT business held a Cloud Industry Summit that
gathered more than 40 investment groups to hear how the cloud is
transforming business models. The event brought investors together to
hear ideas from industry leaders and pioneers including Bill Ruh, head
of GE Software, and Chris Drumgoole, chief operating officer for IT at
GE.
During 2014, GE Capital’s TMT business also closed $491 million in
commitments through the Senior Secured Loan Program (SSLP), which is
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.
Examples of 2014 loan transactions:
NAVEX Global
GE Capital served as administrative agent on a $310 million senior
secured credit facility to support Vista Equity Partners’ acquisition of
NAVEX Global, a compliance and ethics software provider. NAVEX offers
policy and case management software, internal reporting solutions,
automated third-party risk management, online training and advisory
services to help remediate key workplace compliance risks.
“GE Capital has strong capabilities in the technology sector. We value
our collaborative financing relationship with them and appreciate their
hard work in leading this transaction for us,” said Kevin Sofield, head
of capital markets at Vista Equity Partners.
KORE Wireless Group, Inc.
GE Capital served as administrative agent on a $117.3 million senior
secured credit facility to support ABRY Partners’ majority ownership
position in KORE Wireless Group, Inc.
Founded in 2003 and headquartered in Atlanta, KORE is an independent
managed connectivity service provider focused on the machine-to-machine
(M2M) ecosystem. KORE supports 1.5 million wireless devices for more
than 800 customers and provides a network footprint spanning more than
180 countries, the world’s oceans and areas not covered by cellular
service through its network centers in Atlanta and Las Vegas as well as
Melbourne, Australia.
“M2M communications is an expanding, exciting industry. GE Capital’s
telecom expertise and certainty of execution made it the ideal lender
for this acquisition. We look forward to continuing our financing
relationship and collaborating with GE Capital in the M2M space,” said
Rob Nicewicz, vice president at ABRY Partners.
Digity Media, LLC
GE Capital served as administrative agent on a $118 million senior
secured credit facility to support the combination of Palm Beach
Broadcasting, LLC and GoodRadio.TV as well as the acquisitions of
NextMedia Operating, Inc. and Three Eagles Communications, Inc. to form
Digity Media, LLC. The transaction was the led by Garrison Investment
Group and Dean Goodman, Digity’s CEO.
Digity is a diversified local media, digital entertainment and event
marketing company. Through this combination and previous acquisitions,
Digity currently owns more than 110 radio stations in 23 clusters across
14 states, making it the fifth-largest owner of radio stations by number.
“GE Capital has an excellent reputation and a long history of financing
within the radio industry. The execution of the Digity financing was
flawless and we look forward to working with GE Capital to continue to
grow our company,” said Goodman.
About GE Capital, Telecom, Media and Technology
GE Capital's Telecom, Media and Technology business provides financing
to enable corporate growth, acquisitions and balance sheet refinancings
to companies in the following industries: cable, towers, data centers,
wireless, metro fiber, radio, TV, digital media, education services and
software. It also finances technology companies that enable these
industries. With Access GE, clients also benefit from access to GE's
best practices. Visit www.gecapital.com/tmt.
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