CHICAGO--GE Antares today announced it closed a transaction as administrative agent for a $126 million senior secured and senior subordinated credit facility to support the acquisition of Lewis-Goetz and Company, Inc. by Audax Group. GE Capital Markets served as sole lead arranger and bookrunner.
The senior secured credit facility consisted of a revolving credit facility, term loan, and an acquisition facility. Proceeds were used to fund the acquisition of Lewis-Goetz and are available to support future acquisitions and to provide for working capital needs of the ongoing business.
Headquartered in Pittsburgh, Pennsylvania, Lewis-Goetz is the undisputed largest industrial distributor in North America for fabricated industrial rubber products as evidenced by Industrial Distribution Magazine's recent publication of the Top 50. The Company's primary products include a complete line of hose, conveyor belts, gaskets and seals. Lewis-Goetz operates 48 distribution facilities in the US and Canada.
"Lewis-Goetz's product expertise, geographic coverage, and service have contributed to the company's success as a specialist and one-stop shop for conveyor belt, hose and sealing products," said John Goodwin, Senior Vice President of GE Antares. "We are delighted to work with Audax and Lewis-Goetz's management team as they continue to build out this dynamic platform."
About Audax Group
Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and New York, Audax manages in excess of $3.5 billion in equity and mezzanine debt capital. For more information, visit the Audax Group website at http://www.audaxgroup.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 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 http://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 $233 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 http://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