CHICAGO--(BUSINESS WIRE)--July 12, 2006--GE Antares Capital today announced it is the agent for a $98-million senior credit facility to support the acquisition of Dimensions Unlimited, L.P. by Airpax Corporation, LLC, a portfolio company of Chicago Growth Partners ("CGP"). GE Capital Markets served as the sole lead arranger for the credit facility.
The financing consists of an $83-million term loan and a $15-million revolving credit facility. Airpax's strategic acquisition of Dimensions Unlimited will enable the company to strengthen its market position in the specialty electronics marketplace by adding a complimentary product line and increasing its customer breadth.
Dimensions Unlimited offers a complete line of reliable, efficient inverters capable of powering virtually any type of equipment within their power rating. Dimensions' units can be found in a variety of applications including utility/service trucks; scissor lifts; traffic signal, home, and business Power Backup Systems; steel mills; railroad locomotives; and the family RV.
"We have worked with CPG for several years. CGP 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 Dimensions Unlimited."
Rob Healy, a Partner at CGP, said: "GE Antares demonstrated that industry knowledge equates into flexible and creative financing. Their responsiveness and flexibility were precisely what we needed for the acquisition of Dimensions Unlimited. We hope to continue to grow with both Airpax and GE Antares in the years ahead."
About Airpax Corporation
Airpax is the leading worldwide manufacturer of customized hydraulic magnetic circuit breakers and select thermostats and temperature sensors. The company's products provide protection for equipment, machinery and instruments against hazards caused by fluctuation in electrical current and temperature. Airpax serves equipment manufacturers in several end markets including telecommunications, wireless communication, power, information processing, HVAC, industrial and defense. The Company has secured leading global market share through an operating strategy focused on the highest quality, leading-edge products, best in-class customer service and extensive engineering support.
About Chicago Growth Partners
Chicago Growth Partners is a Chicago-based private equity investment firm with a highly-experienced team committed to the companies in which CGP invests. CGP has a solid record of returns spanning two decades with over $900 million in investments under management through four private equity funds.
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 $230 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