CHICAGO--(BUSINESS WIRE)--GE Antares today announced it is serving as the administrative agent for a $145 million senior secured credit facility for the refinance of totes>>Isotoner® Corporation ("totes" or the "Company"), a portfolio company of Bruckmann, Rosser, Sherrill & Co. L.L.C. ("BRS"), and the purchase of the assets of the ESNY division of E.S. Originals Inc. GE Capital Markets served as sole lead arranger and bookrunner.
The financing consists of a $65 million asset-based senior secured revolving credit facility and $80 million senior secured term loan facility. totes used the proceeds of the deal to acquire the assets of the ESNY division of E.S. Originals Inc. and redeem the Company's preferred stock. The remainder of the facility is available to totes to fund working capital needs and for other general corporate purposes.
totes>>Isotoner® Corporation, headquartered in Cincinnati, Ohio, is the world's largest marketer of high-quality, branded umbrellas, gloves, slippers, and other weather-related accessories. The Company's highly recognizable brands include totes®, Isotoner®, and Raines®. The Company also operates a network of 107 retail outlet stores to sell its own products as well as sunglasses, luggage and other branded products.
"totes has been a solid performing company led by a strong management team. BRS is an important customer to our business and we are delighted to lead this financing as well as continue to deliver on our long-term commitment to totes," said Inoki Suarez, Vice President of GE Antares.
Tom Baldwin, Managing Director at BRS said, "We are pleased to make this add-on investment in our portfolio company, totes. We are appreciative of GE's responsiveness and support of our strategic acquisition and our management team's plans for growth."
Donna Deye, CFO at totes said, "GE has continued to support us over the years and the team at GE Antares delivered on its commitment to us and met our timeline, which were key items for us. We are pleased with the results and happy to continue working with GE Antares."
About Bruckmann, Rosser, Sherrill & Co. L.C.C.
BRS is a New York based private equity investment firm with approximately $1.2 billion under management. BRS was founded in 1995 and has since invested in more than 40 companies in the following industries: restaurants, consumer goods, specialty retail, recreation/leisure, apparel, home furnishings, industrial and commercial services, commercial equipment manufacturing, wholesale distribution and healthcare services. BRS makes leveraged buyout, recapitalization and growth capital investments in companies with superior management, predictable cash flow, strong market share and growth potential. All management teams of BRS companies are equity investors in 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 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 $206 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 customer 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]