CHICAGO--(BUSINESS WIRE)--June 26, 2006--GE Antares Capital today announced it is the sole lender for a $65 million senior secured credit facility for Golfsmith International Holdings, Inc., a portfolio company of First Atlantic Capital ("First Atlantic"). The credit agreement relating to the facility was signed on June 20, 2006.
The financing consists of a $65 million five year ABL revolving credit facility. Golfsmith used borrowings under the facility, together with proceeds from its initial public offering, principally to repay outstanding indebtedness. The remaining borrowings under the facility are available for general corporate purposes and for Golfsmith to implement its business strategy.
Golfsmith is the nation's largest specialty retailer of golf equipment, apparel and accessories. The company operates as an integrated multi-channel retailer, offering its customers the convenience of shopping in its 52 stores across the United States, through its Internet site and from its assortment of catalogs. Golfsmith offers an extensive product selection that features premier national brands, as well as its proprietary products and pre-owned clubs.
"First Atlantic and Golfsmith are important customers to GE Antares. Our deal team was able to provide a creative financing structure and worked effectively with First Atlantic and Golfsmith management," said Dan Glickman, Managing Director of GE Antares.
James Grover, a Principal at First Atlantic, said: "We appreciate the role played by GE Antares in Golfsmith's successful recapitalization. GE Antares has demonstrated their responsiveness and flexibility that helped get the deal done, and are supportive of First Atlantic and our management team's plans for growth at Golfsmith."
About First Atlantic
First Atlantic Capital, Ltd., a New York City-based private equity investment firm with $500 million under management, specializes in acquiring and growing middle-market companies through both internal growth and add-on acquisitions. First Atlantic has acquired 50 companies and consolidated them into 17 major platforms. The firm utilizes the strong strategic consulting and operating expertise of its principals to assist the management of its portfolio companies in building the acquired business. First Atlantic has major investments in the packaging, food and beverage, industrial products, sport and leisure, and specialty vehicle parts industries.
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