CHICAGO--(BUSINESS WIRE)--Sept. 18, 2006--GE Antares today announced it is serving as the administrative agent for $39 million of senior secured credit facilities to support the acquisition of Duni Corp, Inc. and Duni Supply, Inc. (collectively "Duni" or "the Company"), along with the management team by Norwest Equity Partners ("NEP"), a private equity firm focused on investments in growing and profitable middle market companies. Headquartered in Atlanta, Georgia, the Duni companies were the U.S. subsidiaries of Sweden-based Duni AB. CIT Sponsor Finance and Madison Capital Funding LLC are two additional lenders serving as syndication and documentation agent, respectively.
The financing consists of a $25 million 6-year term loan, and a $14 million 6-year revolving credit facility. NEP will use the proceeds to support the acquisition of Duni and for general corporate purposes, including future acquisitions, growth initiatives and working capital requirements.
Duni is a leading full service manufacturer of disposable plastic containers and converter of premium paper products for customers in the foodservice and retail markets for nearly 30 years. The Company has strong relationships with many restaurant chains, foodservice distributors, and warehouse retail chains. Duni designs and manufactures plastic food containers in Thomaston, Georgia, and paper tableware products in Menomonee Falls, Wisconsin. The Company's complete in-house design, converting, thermoforming, printing, and embossing capabilities enable it to offer distinctive products to its customers.
"Our deal team's flexibility in structuring the transaction enabled us to provide a facility that addressed both the specific needs of the primary owner NEP as well as those of the Company. We have worked with NEP for many years and are pleased to once again support NEP, as well as a strong management team at Duni," said David Swanson, Managing Director of GE Antares.
Dorian Faust, Principal of NEP, added, "We are very excited about our partnership with Duni, and we appreciate GE's responsiveness and support of Duni and its plans for growth."
About Norwest Equity Partners
With more than 40 years of investment experience and $3 billion in capital under management, Norwest Equity Partners focuses on investments in profitable and growing middle market companies through management buyouts, recapitalizations and growth financings. Criteria for investment opportunities include $10 million or greater of EBITDA and equity investments between $20 million and $80 million. Norwest Equity Partners is located in Minneapolis, Minnesota. Visit www.nep.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 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. Visit 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