NORWALK, Conn.--(BUSINESS WIRE)--March 29, 2006--GE Antares Capital today announced that it is lead arranger of a $61-million credit facility for the recapitalization of Universal Tax Systems (UTS), a leading developer of software systems used by tax professionals to complete and electronically file income tax returns. The Company's flagship proprietary tax software product, TaxWise, is used by customers nationwide to prepare federal and state tax returns for both businesses and individuals. UTS is a portfolio company owned by Primus Venture Partners. Primus acquired UTS in July 2004.
The credit facility consisted of a $12-million revolver, a $17-million term A loan and a $32-million term B loan.
"This is our second time working with GE Antares on our financing needs. We appreciate our strong relationship as we grow our business," said Phillip Molner, director at Primus. "The GE team demonstrates an understanding of UTS's business as well as our portfolio needs."
Added Bradley Byrd, senior vice president, of GE Antares, "This transaction demonstrates our financial flexibility and commitment to middle-market sponsors. We look forward to continuing to bring all the resources GE has to offer to UTS, as well as to Primus as they continue to grow their portfolio businesses."
Primus Ventures is a Cleveland-based private-equity firm focused on established companies with exceptional growth potential. Primus has raised a total of $620 million across five private-equity funds and has invested in over 120 companies since its inception.
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]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340