NORWALK, Conn.--(BUSINESS WIRE)--June 14, 2006--GE Antares Capital today announced it is the administrative agent for a $61.5-million credit facility to support the acquisition of YAXTRAX(R) by Implus Footcare, LLC, a portfolio company of FdG Associates. GE Capital Markets served as the sole lead arranger for the credit facility.
Implus' strategic acquisition of YAKTRAX will enable the company to rapidly expand its market position through its global sales, distribution and marketing platform.
Headquartered in North Carolina's Research Triangle Park, Implus is an innovative leader in the "below the ankle" categories of insoles, performance socks, shoe laces and shoe care. Implus' brands include Airplus(R), Sof Sole(R), apara(R), YAXTRAX(R) and Sof Comfort(R), and are distributed in over 50,000 retail outlets across North America and in 65 countries worldwide.
"FdG and Implus are important long term customers of GE Antares. GE Antares has financed numerous portfolio companies of FdG and has been the Administrative Agent to Implus' Senior Credit Facilities since 2002. The GE Antares deal team worked very effectively with Implus Management and FdG to reliably deliver a very quick closing of the YAXTRAX(R) financing," said Douglas Cannaliato, Senior Vice President of GE Antares.
Douglas Dossey, Managing Director at FdG said, "GE Antares has showed us once again their responsiveness and flexibility in helping us execute the acquisition of YAXTRAX(R)."
About FdG Associates
FdG Associates is a private investment firm providing equity to North American-based middle-market growth companies with sound businesses and unrealized potential. By building a partnership with management and offering creative problem solving and strategic, long-term planning focused around key corporate initiatives, FdG empowers companies to achieve their full growth potential and increase their equity value.
FdG will typically commit from $15 million to $50 million in equity to sponsor management buyouts, recapitalizations and growth-oriented investments in private and public companies. The deep and diverse experience of the firm's executive team enables FdG to pursue opportunities in the business and consumer services, distribution, light manufacturing, retail and consumer products sectors.
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 $190 billion and is headquartered in Stamford, 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 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