CHICAGO--(BUSINESS WIRE)--GE Antares Capital today announced it served as administrative agent for a $101 million senior secured credit facility in the recapitalization of NEPTCO Incorporated, a portfolio company of Cornerstone Equity Investors and Nautic Partners. GE Capital Markets served as sole lead arranger and bookrunner.
The senior secured credit facility consisted of a $20 million revolving credit facility and an $81 million term loan. Proceeds were used to refinance existing senior indebtedness, repay the Company's existing senior subordinated debt, provide a dividend to shareholders and fund ongoing working capital needs.
Headquartered in Pawtucket, Rhode Island, NEPTCO is a leading manufacturer of engineered materials for commercial, industrial and military applications, including advanced polymeric coatings and laminates of film, foil, fiber, composites, paper, nonwovens, and custom formulated adhesives. NEPTCO offers contract manufacturing and product design services, with in-house capabilities for coating, laminating, printing, slitting, and weaving at its ISO 9001:2000-certified plants. NEPTCO has manufacturing facilities in the U.S., Europe and Asia, with sales representatives in over twenty countries.
"NEPTCO maintains a leading market position and enjoys strong customer loyalty as a result of their innovative and value-added products," said Douglas Cannaliato, Senior Vice President of GE Antares. "We have a lot of confidence in NEPTCO's Management Team and expect they will continue to drive growth."
David Haddad, Managing Director at Cornerstone, added, "GE Antares has been a great partner to lead this financing. Their execution of this transaction was exceptionally professional. Our team at GE Antares continues to be a great partner for our firm and for NEPTCO."
About Cornerstone Equity Investors, LLC
Cornerstone Equity Investors, LLC, is a New York-based private equity firm that specializes in healthcare, business services, and specialty manufacturing. Since 1984, the professionals of Cornerstone have raised over $1.2 billion in committed capital. Cornerstone focuses on middle-market leveraged buyouts of corporate divisions, closely held private companies and small capitalization public companies. For more information, please visit www.cornerstone-equity.com.
About Nautic Partners, LLC
Nautic Partners, LLC, is a Providence, Rhode Island-based middle-market private equity firm with more than $2.3 billion of capital under management. Nautic targets investments of $25 to $75 million representing majority ownership in companies with proven business models, defensible market positions, and strong growth potential. Areas of focus include business services, manufacturing, healthcare and communications. For more information, please visit www.nauticpartners.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 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 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