NORWALK, Conn.--(BUSINESS WIRE)--May 25, 2006--GE Antares Capital today announced it is the administrative agent on a $75-million credit facility to support the acquisition of Delta Educational Systems by Gryphon Colleges Corporation, a portfolio company owned by Gryphon Investors. GE Capital Markets and Merrill Lynch Capital served as co-lead arrangers and joint bookrunners.
The facility consists of a $55-million term loan and a $20-million revolver.
Based in Virginia Beach, Virginia, Delta Educational Systems is an educational-services company that operates for-profit, postsecondary schools in the adult career education industry.
"This financing allowed us to continue to help develop Gryphon's for-profit, postsecondary platform investment," said Timothy Lyne, managing director of GE Antares. "The industry knowledge we gained in working with Gryphon on prior transactions allowed us to develop a smart and flexible financing package to help grow its portfolio."
Added David Andrews, Managing Partner of Gryphon Investors, "We were impressed with the extensive knowledge of the for-profit post-secondary industry that was displayed by GE Antares. And we are also excited about our partnership with the GE team as we collectively work towards growing Gryphon Colleges Corporation."
About Gryphon Investors
Based in San Francisco, Gryphon Investors focuses on leveraged acquisitions of and growth investments in middle market companies in partnership with experienced management. With more than $700 million of equity capital under management, Gryphon typically seeks to invest $25 to $75 million of its own capital in companies with sales ranging from $25 to $250 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon's capital, professional resources and significant financial and operational experience.
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]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340