CHICAGO--(BUSINESS WIRE)--GE Antares Capital today announced it served as administrative agent for a $208.75 million senior secured credit facility for the recapitalization of Woodstream Corporation, a portfolio company of Brockway Moran & Partners and Code Hennessy & Simmons LLC. GE Capital Markets served as sole lead arranger and sole bookrunner.
The financing consisted of a $65.0 million senior revolving credit facility, a $143.75 million senior term loan facility, subordinated debt provided by Allied Capital and equity capital provided Brockway Moran & Partners, Code Hennessy & Simmons LLC, and Woodstream's management. Proceeds were used to finance the transaction, refinance existing indebtedness, and to provide for ongoing general working capital needs and for Woodstream to implement its growth strategy.
Woodstream, headquartered in Lititz, Pennsylvania, manufactures and markets a broad portfolio of branded consumer and professional products including Victor® (recognized by the red V® trademark) rodent control solutions, Havahart® animal caring and control products, Safer® natural solutions for the lawn and garden, and Perky-Pet® wild bird feeders, among others. Woodstream's products, which have leading market share positions within their respective segments, are sold at more than 100,000 retail locations and to professional pest control providers throughout the United States and Canada.
"Woodstream has distinguished itself as a leader in its markets by offering customers highly recognizable brands, a broad range of products, and industry-leading customer service," said Eric Hansen, Managing Director of GE Antares. "We have partnered with Brockway Moran and CHS for many years and are pleased to once again support them, as well as the outstanding management team at Woodstream."
Peter Brockway, Managing Partner of Brockway Moran & Partners said, "As our eighth 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 Antares."
About Brockway Moran & Partners
Brockway Moran & Partners is a private equity firm with more than $1.3 billion of capital under management. The firm acquires growth-oriented middle market companies valued between $50 million and $250 million in partnership with exceptional management teams. Brockway Moran & Partners focuses on businesses with significant growth opportunities either through internal expansion, industry consolidation or innovative business strategies. The principals of the firm have a record of productively working with management teams to build companies into larger and more diverse enterprises. Brockway Moran & Partners invests in a broad spectrum of industries with significant experience in consumer, industrial and service businesses. Since 1998, the firm has completed over 50 acquisitions, including add-ons. For more information, visit www.brockwaymoran.com.
About Code Hennessy & Simmons LLC
CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS targets well-managed companies with enterprise values between $75 million and $1 billion. CHS has particular expertise with investments in the Business & Consumer Services, Consumer Products, Distribution and Infrastructure & Industrial Products sectors. Founded in 1988, CHS has formed five private equity funds and currently manages over $2.5 billion of capital. For additional information about CHS, please refer to the firm's website at www.chsonline.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.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340