CHICAGO--GE Antares Capital today announced it served as administrative agent on a $90 million senior secured credit facility in the recapitalization of Cambridge Inc., a portfolio company of Sterling Investment Partners. GE Capital Markets served as sole lead arranger and bookrunner.
The financing consisted of a $15 million senior secured revolving credit facility and $75 million of senior secured term loans. Cambridge used the proceeds of the deal to refinance existing senior indebtedness, provide a dividend to its shareholders, and fund ongoing working capital needs.
Headquartered in Cambridge, Maryland, Cambridge is the North American market leader in metal conveyor belts, which are custom-designed consumable products used in manufacturing processing applications where durability, precise tracking, and the ability to withstand extreme temperatures are important. The Company's products are utilized in diverse end-markets, including food processing (baking, snacks and beverages), packaging, electronics, building products, agriculture, and industrial applications. The Company is also a leader in manufacturing wire cloth for liquid processing and architectural mesh for commercial construction and design.
"Cambridge has an industry leading market position, a diverse customer base, and broad product offering. In addition, Management continues to strengthen its business platform," said Douglas Cannaliato, Senior Vice President of GE Antares. "We value our long term relationship with Sterling and Cambridge and look forward to continuing to support the Company's growth."
Bill Russell, Vice President at Sterling said, "We appreciate GE Antares' responsiveness and execution on the Cambridge financing, and their ongoing commitment to working with Sterling. GE Antares has financed several of our portfolio companies and we look forward to working with GE Antares on future transactions."
About Sterling Investment Partners
Sterling Investment Partners, based in Westport, Connecticut, invests in companies with significant competitive strengths and growth potential. Sterling has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value of approximately $7 billion, representing over 75 transactions. Sterling maintains a broad industry focus, including professional and business services, manufacturing, transportation and logistics, and technology-related businesses www.sterlinglp.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]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892