CHICAGO -- GE Antares today announced it closed a transaction as administrative agent for a $55 million senior secured credit facility in the refinancing of E&B Giftware LLC, a portfolio company of Milestone Partners. GE Capital Markets, Inc. and Cratos Capital Management, LLC served as co-lead arrangers.
The facility consisted of a $15 million senior secured revolving credit facility, a $36 million Term Loan A, and a $4 million Term Loan B used to finance the Company's U.K. operations. Proceeds of the credit facility were used to refinance the Company's senior and subordinated indebtedness, including seller notes.
Headquartered in Yonkers, NY, E&B is a leading designer and manufacturer of high-impulse, niche accessories designed for the gift, personal fitness, exercise and travel markets. The Company sells its products to a broad array of retailers under a combination of internal and licensed brand names (including Bally Total Fitness™, Everlast™, Samsonite®, and American Tourister®). E&B sources its products from more than 100 vendors in Asia through its 60-person office in Hong Kong.
"E&B's diverse product offering and strong relationships across multiple retail categories have contributed to the company's success," said Brian Polomsky, Vice President of GE Antares. "We are delighted to work with Milestone Partners and E&B's management team as they continue to develop this dynamic platform."
Robert Levine, Partner of Milestone Partners, said, "We appreciate GE Antares and Cratos' responsiveness and execution on the E&B financing, and their ongoing commitment to working with Milestone. The GE Antares and Cratos teams were supportive of our vision for future growth and development at E&B."
About Milestone Partners
Milestone Partners is a private equity firm which partners with management to invest in leveraged buyouts of lower middle market businesses. Milestone pursues prospective platform companies that are leaders within a niche market and are engaged in producing or distributing high margin products or services for industrial, commercial and/or consumer use. Milestone's transactions typically provide liquidity to shareholders of family-owned businesses, facilitate the transition of ownership to key managers, and allow management to capitalize on growth opportunities while maintaining the legacy of the founding entrepreneurs.
About Cratos Capital Management, LLC
Cratos Capital Management, LLC is affiliated with Cratos Capital Partners, LLC, a commercial finance company that provides tailored senior and junior debt solutions to middle market companies on a national basis. The company provides cash flow, asset-based and enterprise value loans to mid-sized companies, with commitments ranging from $10 million to $100 million or greater. They are financed by an affiliate of Deutsche Bank and Flat Hat Holdings, LLC. Cratos Capital is headquartered in Alpharetta, GA, with satellite offices in Charlotte, NC and Chicago, IL. For more information, visit the Cratos Capital website at www.cratoscapital.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.
CONTACT
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340