NORWALK, Conn.--(BUSINESS WIRE)--Feb. 28, 2006--GE Antares Capital, a unit of GE Commercial Finance - Global Sponsor Finance, today announced that it has arranged a senior secured credit facility to support WestView Capital Partners' purchase of Radiac Abrasives, Inc. GE served as Administrative Agent and Lead Arranger for the transaction, which closed on February 10th.
Radiac Abrasives, Inc. is a full line manufacturer of bonded abrasive and super abrasive grinding wheels. The company is well diversified, serving over 20,000 industrial customers within markets that require precision grinding with tight application tolerances.
"We have a long relationship with the GE Antares principals, and knew that they could be relied upon to deliver within the time frame we needed," said John Turner, General Partner, WestView Capital Partners.
"We are very excited to back Radiac, which fits well within our strategy of financing best of breed companies and supporting them as they continue their track record of outperformance," said Carlo von Schroeter, Managing Partner at WestView Capital Partners.
"We are pleased to continue our long relationship with WestView Capital Partners," said Dan Barry, Managing Director, GE Antares. "This transaction allowed us to leverage GE's knowledge of this industry to help us underwrite and structure this in a timely manner."
WestView Capital Partners is a private equity firm focused exclusively on lower middle market companies. WestView sponsors recapitalization, growth, buyout and consolidation transactions. The firm finances North American companies in a wide range of industries. Its industries of interest include business services, IT services, industrial and manufacturing, distribution and logistics, media and publishing, healthcare services, and financial services. WestView is located in Boston, Massachusetts and can be found online at www.wvcapital.com.
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 Boston, Chicago, London, New York, and San Francisco, GE Antares offers a "one-stop" source for GE's lending and other services offered to the private equity sponsor middle market. Visit 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 $190 billion and is headquartered in Stamford, 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 customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
or
TorranceCo, New York
Mark Prindle, 212-691-5860
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340