CHICAGO--(BUSINESS WIRE)--GE Antares Capital today announced it closed a transaction as administrative agent for a $145 million senior credit facility. The financing supports a dividend recapitalization and the acquisition of Design Packaging, Inc. by Tharco Containers, Inc., a portfolio company of Tricor Pacific Capital. GE Capital Markets served as sole lead arranger and sole bookrunner. The transaction was fully syndicated and oversubscribed.
Headquartered in San Lorenzo, CA, Tharco is the United States' premier independent manufacturer and distributor of a broad range of value-added corrugated, foam and plastic packaging solutions for a variety of customers and end markets. The Company serves as a single-source for all of its customers' protective packaging needs, including, among other products and services, offering the most comprehensive stock box inventory in the industry with over 1,600 SKUs. Tharco maintains plants and distribution centers in 11 locations.
"Tricor and Management have done an exceptional job of building Tharco into a leader in the stock box and custom packaging industry. GE Antares was pleased to underwrite a capital structure that provides the company with acquisition flexibility to further build out its geographic footprint," said John Goodwin, Senior Vice President of GE Antares.
Brad Seaman, Managing Director of Tricor said, "In a difficult financing market, the GE Antares team delivered a capital structure that fully addressed our financing needs. The financing package also provided acquisition flexibility to support our long-term growth plan. We were quite pleased with the execution by the GE team, and look forward to working with them again."
About Tricor Pacific Capital
Tricor Pacific Capital, Inc. is a leading private equity firm that invests in profitable, well-managed, middle-market companies located in the West and Midwest regions of the United States and Canada. Tricor currently manages approximately $1 billion of capital, and is investing its fourth fund with $555 million in committed capital. For more information, please visit www.tricorpacific.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, please 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 $240 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