CHICAGO -- GE Antares Capital today announced it provided a senior secured credit facility in the recapitalization of TASI led by private equity firms ClearLight Partners and Black Canyon Capital. As part of the transaction, Industrial Growth Partners, the former majority shareholder, and TASI management will continue to have an equity stake in the Company. ClearLight Partners and Black Canyon provided both equity and mezzanine financing in the transaction.
TASI, based outside of Cincinnati, Ohio, is a leading provider of highly engineered test and measurement instruments and integrated systems, with diverse product platforms serving a broad range of end markets. TASI provides leak detection and assembly verification instruments and systems, automated assembly and test systems, and flowmeters and flow control products.
"TASI is led by a highly experienced management team, and has technological and innovation leadership that has firmly established the Company as a leader within each of its markets," said Pat Henahan, Managing Director at GE Antares. "We are delighted to continue to provide financing to TASI."
Larry Ward, Partner, at ClearLight Partners said, "We appreciate GE Antares' support and responsiveness on the TASI financing. It demonstrates their ongoing commitment to working with ClearLight, Black Canyon and TASI's management team. "
"We are pleased to partner with ClearLight and management in the acquisition of TASI," said Michael Hooks, Managing Director, at Black Canyon Capital. "This investment represents an exciting opportunity for us to back a proven management team committed to continued growth and profitability."
About ClearLight Partners
ClearLight Partners is a private equity firm based in Newport Beach, California with $600 million under management. ClearLight invests in market-leading growth companies with $5 million to $20 million of EBITDA. ClearLight typically makes investments of $10 - $50 million and is actively seeking additional investment opportunities across the U.S. in a wide variety of industries, including education and training, specialty manufacturing, consumer, healthcare and business services, including specifically security services and outsourcing. For more information, please visit www.clearlightpartners.com.
About Black Canyon Capital
Black Canyon Capital is a Beverly Hills-based private capital firm with a flexible mandate to invest in control and non-control private equity and highly structured debt transactions. Black Canyon is partnered with Canyon Capital Advisors, one of the largest multi-strategy asset managers in the United States, with over $12 billion of assets under management. Since inception in September 2004, Black Canyon has completed approximately $800 million of equity and debt investments. Private equity investments include Logan's Roadhouse, Malibu Boats and Virgin America. For more information, please visit www.blackcanyoncapital.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 $233 billion and is headquartered in Norwalk Connecticut. GE (NYSE: GE - News) 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.
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340