CHICAGO--(BUSINESS WIRE)--GE Antares Capital today announced it closed a transaction as administrative agent for a Cdn$73.5 million senior secured credit facility to support Tricor Pacific Capital's acquisition of Golden Boy Foods, Inc. GE Capital Markets Canada Ltd. served as sole lead arranger and bookrunner. The transaction was fully syndicated.
The financing consisted of a Cdn$20 million revolving credit facility, and a Cdn$53.5 million term loan facility. Proceeds of the credit facility were used to finance the acquisition of Golden Boy, and to fund its future working capital needs.
Headquartered in Burnaby, British Columbia, Golden Boy Foods is the largest manufacturer of private label peanut butter in Canada. The Company also produces a wide array of other private label and branded products including dried fruits, raisins, baking and snacking nuts, trail mixes, rice, and beans. It sells its products throughout Canada and the United States to the major grocery chains, industrial bakeries and to the food service sector. Currently, Golden Boy operates 4 production facilities in British Columbia, a facility in South Africa and will be opening a facility in Blaine, Washington.
"Golden Boy holds the leading Canadian market position for its private-label products. With its long-term customer and supplier relationships, and attractive industry dynamics, Golden Boy is well-positioned to grow both organically and through tuck-in acquisitions," said John Goodwin, Senior Vice President of GE Antares. "Tricor is an important partner to GE Antares and we are pleased to be able to work with Golden Boy's experienced management team."
Rod Senft, Managing Director of Tricor Pacific Capital said, "We appreciate GE Antares' responsiveness and the team's flexibility in structuring the Golden Boy transaction. In addition, we look forward to leveraging the integration and operational best practices offered by the Access GE program."
About Tricor Pacific Capital
Tricor Pacific Capital, Inc. is a leading private equity firm that invests in profitable, well-managed, middle-market companies located in the West and Midwest regions of the United States and Canada. Tricor currently manages approximately $1 billion of capital, and is investing its fourth fund with $555 million in committed capital. For more information, please visit www.tricorpacific.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, please 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 $206 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.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340