CHICAGO--(BUSINESS WIRE)--GE Antares Capital today announced it served as administrative agent for a $48 million senior secured credit facility to support the acquisition of Atlas Material Testing Technology ("Atlas") by Industrial Growth Partners.
The financing consisted of a $24.0 million US credit facility and a €16.7 million European credit facility. Proceeds were used to fund the acquisition of Atlas, provide for general working capital needs, and to fund future growth strategies.
Atlas designs and manufacturers test and measurement equipment used to assess the impact of weathering on a wide variety of materials ranging from automobile paint to plastics to textiles. The Company's North American manufacturing location is Chicago, IL, with its primary European manufacturing operation in Linsengericht, Germany. Atlas' equipment product lines include Xenon Arc instruments, fluorescent UV test systems and metal halide systems. Atlas is also the industry-leading provider of both static and accelerated outdoor weathering services.
"We are pleased in completing this transaction with a structure that will help support Atlas' growth opportunities," said Tim Lyne, Senior Managing Director of GE Antares. "We also look forward to continuing a strong working relationship with IGP."
Eric Heglie of Industrial Growth Partners said, "As this is the tenth business platform we have financed with GE Antares, we know the value of their responsiveness and creativity in providing us with the best solution."
About Industrial Growth Partners
Industrial Growth Partners is an $825 million private equity firm that provides equity capital to privately held, lower-middle market manufacturing and manufacturing services companies. IGP is one of very few investment firms in the U.S. that focus exclusively on the manufacturing sector. The firm invests equity in a wide range of transactions involving a change of ownership, such as management buyouts, leveraged buyouts, corporate divestitures, recapitalizations and management buy-ins. The firm also provides growth capital to privately held companies that require capital in order to expand their businesses.
About GE Antares Capital
GE Antares Capital is a unit of GE Commercial Finance - Global Sponsor Finance. With over $8 billion in assets, and offices in Chicago, London, Los Angeles, New York, and San Francisco, GE Antares offers a "one-stop" source for GE's lending and other services offered to middle market private equity sponsors. For more information, visit the GE Antares website at www.geantares.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $250 billion and is headquartered in Norwalk Connecticut. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds
203-229-5717
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340