CHICAGO--(BUSINESS WIRE)--GE Antares today announced it is serving as administrative agent for a $45 million senior secured credit facility to support the recapitalization of Shemin Nurseries, Inc., an Olympus Partners portfolio company. GE Capital Markets is serving as sole lead arranger and bookrunner.
The financing consists of a $22 million revolving credit facility and a $23 million term loan facility. Shemin Nurseries is using the proceeds of the financing to refinance existing senior indebtedness, provide a dividend to its shareholders and fund ongoing working capital needs.
Headquartered in Danbury, CT, Shemin is one of the largest wholesale distributors of nursery products in the U.S. The Company provides landscape professionals with a complete selection of high quality fresh nursery stock from woody ornamentals to annuals, perennials, specimens and groundcovers. Shemin locations also feature a full complement of hardlines including commercial-grade tools, grass seed, mulches, fertilizers, pesticides, stone and paver products and landscape lighting. More than half of Shemin's thirty-one locations also offer a complete irrigation department.
"Shemin Nurseries' brand recognition and reputation have enabled the Company to build deep, long-term relationships with its leading customers and suppliers. Shemin has experienced growth through its enhanced product offering and geographic expansion," said Chet Zara, Senior Managing Director of GE Antares. "Olympus Partners is an important partner to GE Antares and we are delighted to continue to work with Shemin's management team."
Manu Bettegowda, Partner of Olympus Partners said, "We appreciate GE Antares' responsiveness and execution on the Shemin financing, and their ongoing commitment to Olympus Partners. The GE Antares team is supportive of our vision for future growth at Shemin."
About Olympus Partners
Founded in 1988, Olympus Partners is a Stamford, CT-based private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries, including healthcare services, financial services, consumer products and business services. Olympus manages over $3.1 billion on behalf of 50 blue-chip investors including corporate pension plans, state retirement systems and university endowment funds. For more information about the firm, please visit www.olympuspartners.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 $235 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]
Stephen White