CHICAGO--(BUSINESS WIRE)--GE Antares Capital today announced it served as administrative agent for a $113 million senior secured credit facility to support Industrial Growth Partner's acquisition of API Heat Transfer Holding Company. GE Capital Markets served as sole lead arranger and bookrunner.
The credit facility consisted of a $20 million senior secured revolving facility, and a $93 million senior secured term loan. Proceeds from the financing were used to partially fund the acquisition of API Heat Transfer and to provide for its working capital needs.
Headquartered in Buffalo, NY, API Heat Transfer is a leading, full service, global producer of industrial heat exchangers and heat transfer systems, with manufacturing facilities in the United States, Germany, and China. The Company has a very diverse customer base serving a wide range of end segments including the compressor, air dryer, air separation, process, power, off-highway, food & beverage, HVAC and refrigeration markets.
"API Heat Transfer's brand reputation, together with its product quality and reliability, has put it well ahead of its competitors. Its focus on product innovation and service has translated into strong market growth," said Tim Lyne, Senior Managing Director of GE Antares. "We have enjoyed our long relationship with IGP, and are pleased to play a part in helping them continue to successfully grow API Heat Transfer's market position. GE Antares has helped to finance several of IGP's acquisitions in the past and we look forward to partnering with the firm on future transactions."
Jeff Webb, Partner with Industrial Growth Partners said, "We appreciate GE Antares' responsiveness and execution of this financing, and their ongoing commitment to IGP. The GE Antares team is supportive of our vision for future growth and development at API Heat Transfer."
About Industrial Growth Partners
Industrial Growth Partners is an $825 million private equity firm which 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 $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