CHICAGO--(BUSINESS WIRE)--Sept. 6, 2006--GE Antares today announced it is serving as the administrative agent for $38 million senior secured credit facilities to support the acquisition of SafeWorks LLC ("SafeWorks") by Wynnchurch Capital ("Wynnchurch"). GE Capital Markets is serving as lead arranger of the facility.
The financing consists of a revolving credit and term loan facility. Wynnchurch will use the proceeds to support the acquisition of SafeWorks and for general corporate purposes, including future acquisitions, growth initiatives and working capital requirements.
Headquartered near Seattle in Tukwila, Washington, SafeWorks is the recognized leader in North America in providing suspended access solutions to the high-rise building and industrial markets for both new construction and restoration. SafeWorks' customers include building owners, contractors and equipment fleet operators responsible for infrastructure repair and maintenance of new and existing structures.
Ian Kirson, Managing Director of Wynnchurch Capital said, "GE's financing structure will allow the Company to enhance its leadership position in the suspended access solutions industry. We appreciate GE's responsiveness and support of the Company's plans for growth through its financial structuring flexibility. The GE Antares team was knowledgeable and easy to work with throughout the process."
"GE Antares was able to provide a creative capital structure that accommodates both organic and acquisition expansion. Wynnchurch is an important customer to our business. We are delighted to provide our first lead agency financing to Wynnchurch for this platform acquisition," said John Goodwin, Senior Vice President of GE Antares.
About Wynnchurch Capital
Located in the Chicago suburb of Lake Forest, Illinois and founded in 1999, Wynnchurch Capital is a leading middle-market private equity investment firm. Wynnchurch's strategy is to partner with middle market companies in the United States and Canada which have outstanding management teams and possess the potential for substantial growth and profit improvement. Wynnchurch Capital manages a number of private equity funds with capital under management in excess of $500 million specializing in management buyouts, recapitalizations, corporate spin-offs, restructurings and growth capital investments. More information on Wynnchurch Capital can be found at www.wynnchurch.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 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 $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]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892