GE Antares Capital and its sister business, GE Healthcare Financial Services, today announced the closing as administrative agent of a $118 million senior secured credit facility to support the acquisition of The Hygenic Corporation by Cortec Group Fund IV, L.P., a New York-based private equity firm.
CHICAGO--(BUSINESS WIRE)--GE Antares Capital and its sister business, GE Healthcare Financial Services, today announced the closing as administrative agent of a $118 million senior secured credit facility to support the acquisition of The Hygenic Corporation by Cortec Group Fund IV, L.P., a New York-based private equity firm. GE Capital Markets served as sole lead arranger and bookrunner.
The financing consisted of a $10 million senior secured revolving credit facility, and a $108 million senior secured term loan. Proceeds were used to provide financing for the acquisition of Hygenic, to refinance existing indebtedness and for working capital needs.
The Akron, Ohio-based Hygenic Corporation is one of the leading developers, manufacturers, and marketers of branded, consumable products used for therapy, rehabilitation and professional wellness. Hygenic's products, which are manufactured in the U.S. and Malaysia, are marketed under the brands Thera-Band®, Biofreeze®, Dyna-Band®, Hygenic® and Parabath®.
"Hygenic has strong brand recognition, a unique portfolio of therapy and wellness products, and is led by an outstanding management team," said Ethan Miller, Managing Director of GE Antares. "Cortec Group is a long-term customer of GE Antares and we are pleased to be able to lead this financing to support Cortec and Hygenic."
David Schnadig, Partner at Cortec stated, "GE Antares has showed us once again that they are flexible and creative with their financing. Their responsiveness and reliability were precisely what we needed for the acquisition of Hygenic. We hope to continue to grow with both Hygenic and GE Antares in the years ahead."
About Cortec Group
Cortec Group acquires high value-added, middle-market manufacturing, distribution and service businesses that have leadership positions in their market niches. Cortec Group manages approximately $750 million of committed capital to acquire platform companies with enterprise values of $30 million to $250 million and smaller follow-on acquisitions. Additional information about Cortec Group can be found on the Internet at www.cortecgroup.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.
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340