NORWALK, Conn.--(BUSINESS WIRE)--May 23, 2006--GE Antares Capital today announced it is the agent for a $72-million credit facility to support the acquisition of PHI by The Hygenic Corp., a portfolio company of Baird Capital Partners ("Baird"). GE Capital Markets served as the sole lead arranger for the credit facility.
The financing consists of a $62-million term loan and a $10-million revolving credit facility. Hygenic's strategic acquisition of PHI will enable the company to strengthen its market position by adding a critical product line and broadening its product line diversification.
Akron, Ohio-based The Hygenic Corp. specializes in the development, manufacturing, sales and marketing of high-quality natural and synthetic rubber sheeting and tubing products for the physical therapy industry.
"We have worked with Baird for several years and led its original financing of The Hygenic Corp. Baird knows how quickly and reliably GE Antares can deliver add-on acquisition financings for portfolio companies, said Eric Hansen, Managing Director of GE Antares Capital. "Our in-depth knowledge of the company allowed for a very flexible financing package to finance their acquisition of PHI."
Added Andrew Brickman, Baird Partner, "GE Antares has showed us once again that industry knowledge equates into flexible and creative financing. Their responsiveness and flexibility were precisely what we needed for the acquisition of PHI. We hope to continue to grow with both Hygenic and GE Antares in the years ahead."
About Baird Capital Partners
Baird Capital Partners, the U.S.-based buyout fund of Baird Private Equity, provides change-of-control and growth capital to middle-market companies in the Business Services and Manufactured Products sectors. Baird Capital Partners also has an operating team located in three offices in China, focused on facilitating and executing Asia sourcing, manufacturing and distribution opportunities for portfolio companies. For more information, please visit www.bairdcapitalpartners.com.
Baird Private Equity, the global private equity group affiliated with Robert W. Baird & Co. (Baird), makes venture capital, change-in-control and growth equity investments through Baird Venture Partners and Baird Capital Partners in the United States and through Baird Capital Partners Europe (UK) and Granville Baird Capital Partners (Germany) in Europe. With more than 40 investment professionals in the United States and Europe and 20 operating professionals in China, Baird Private Equity has raised and managed $1.7 billion in capital.
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