NORWALK, Conn.--(BUSINESS WIRE)--May 18, 2006--GE Antares Capital today announced that it is the lead arranger of a $143 million senior debt facility for the recapitalization of Augusta Sportswear Group in connection with the acquisition of Holloway Sportswear. Augusta Sportswear Group is an existing portfolio company of Linsalata Capital Partners.
Augusta and Holloway are leading manufacturers and distributors of athletic apparel, outerwear and sportswear in the sporting goods, team dealer, decorator and college bookstore markets.
The senior debt facility consists of a $45 million revolver, a $48 million term loan A and a $50 million term loan B. Proceeds from the financing will also be used for general corporate purposes.
"As we illustrated with Linsalata, we continue to deliver to private equity firms and their portfolio companies a full range of financing options, with flexibility and timeliness and rigorous focus on the special needs of the firm as well as the transaction situation," said Michael Hynes, Vice President of GE Antares. "We hope to continue this relationship as Linsalata's portfolio continues to grow."
Added Jay Studdard, Vice President of Linsalata Capital Partners, "As our fourth platform with GE Antares, we know the value of the team's responsiveness and creative approach to financing in order to provide us with the best solution. We look forward to continuing the strong working relationship that we have developed with GE."
"We are pleased to have had the opportunity to provide financing to Augusta Sportswear Group on behalf of Linsalata Capital, and we enjoy our value-added partnership with their firm," said Bradley Byrd, Senior Vice President of GE Antares. "We look forward to continuing our efforts on behalf of both entities."
About Linsalata Capital Partners
Based in Cleveland, Linsalata Capital Partners was founded in 1984. With more than 80 acquisitions and a transaction value exceeding $2 billion, Linsalata Capital is a leading middle-market buyout firm. Through a progression of six funds, the firm has raised nearly $1 billion of equity capital from its institutional and individual investors. Its latest fund, Linsalata Capital Partners Fund V, LP, raised $425 million of equity capital in 2005.
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
Ned Reynolds, 203-229-5717
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892