NORWALK, Conn.--(BUSINESS WIRE)--June 12, 2006--GE Antares Capital today announced it is the sole lead lender on a C$25-million senior credit facility to provide Wellspring Capital Management with working capital to support the growth of its portfolio company, Neucel Specialty Cellulose Ltd. The asset-based financing is a revolving credit facility.
Port Alice, British Columbia-based Neucel is a specialty producer of dissolving sulphite cellulose that is used in a variety of end products including fabrics, pharmaceuticals, cosmetics, adhesives and other cellulose-based non-paper products.
"We have been a financial partner on other transactions with Wellspring and looked forward to working again with the firm as its team of trusted consultants on both financial and operational matters," said Chet Zara, senior managing director of GE Antares Capital. "GE Energy assisted in the overhaul of the Company's generators and turbines that needed to be up and running prior to restarting production. GE's expertise helped Wellspring restart this plant."
Added Joshua Cascade, Principal, "We appreciate how the team at GE Antares Capital worked so quickly and decisively to provide us with creative financing to help us unlock the value in Neucel. The team provided us with capital and engineering support to help us on our investment."
About Wellspring Capital Management
Founded in 1995, Wellspring Capital Management LLC is a New York-based private equity firm with more than $2 billion in equity capital under management. The firm takes controlling positions in promising middle-market companies where it can realize substantial value by contributing innovative operating and financing strategies and capital. Wellspring's limited partners include some of the largest and most respected institutional investors in the United States, Canada, and Europe.
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]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892