London: 5 February 2014 -- GE Capital and Ares Management Ltd. have acted as Mandated Lead Arrangers for £76.5 million of unitranche facilities for NoteMachine, a mid-market portfolio company of Corsair Capital. Proceeds of the facilities were used to refinance existing indebtedness with additional funding also available to support future acquisitions.
This financing represents the latest transaction from GE Capital and Ares Management's "European Senior Secured Loan Programme" (ESSLP) joint venture for unitranche funding. The €1.75 billion programme, the first of its kind in the European debt market, is structured to provide flexible unitranche financing solutions to European mid-market borrowers. Since the programme was launched it has committed over €0.6 billion of unitranche financing.
Dan Matthews, Executive Director at GE Capital, said: "GE Capital has been a lender to NoteMachine for several years and we are delighted to provide a unitranche financing package that has been tailored to support the business's growth ambitions. As more borrowers become aware of the benefits and flexibility that unitranche financing can offer it is becoming an increasingly popular alternative to traditional senior debt structures in the mid-market."
"This transaction highlights our ability to work with Management and their advisers to quickly deliver a flexible unitranche solution", said Jon Ferguson, Director at Ares Management Ltd. "We have a strong pipeline of further opportunities in 2014, and look forward to supporting borrowers such as NoteMachine with significant commitments from the ESSLP."
Michael Kingston, Finance Director at NoteMachine, said: "GE Capital and Ares have provided a flexible and compelling solution that supports the growth of NoteMachine. They have gained a good understanding of our business and we look forward to working with GE and Ares to support our future expansion."
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About GE Capital
GE Capital International is a leading, global provider of specialist finance to the mid-market, with headquarters in London and serving customers from 26 markets across EMEA and Asia Pacific.
With over 27,000 employees and revenues of $12B, GE Capital International is focussed on driving growth in its core commercial leasing & lending products and markets. It provides mid-market customers with a wide range of financing solutions including accounts receivable management, inventory finance, asset backed lending, cross-border financing, leveraged finance, leasing/vendor finance and fleet management solutions.
GE Capital International focuses on sectors where it can share GE's 130+ year industrial heritage with customers -- energy, healthcare, transportation, power & water, aviation, oil & gas. Through its 'Access GE' programme, GE Capital gives customers access to GE's experience and expertise to help solve their business issues and challenges. For more info, visit www.gecapital.com.
GE Capital is one of Europe's leading providers of leveraged finance for mid-market private equity backed transactions and has a leveraged loan portfolio in excess of €5 billion across EMEA covering 160 companies in the region.
About Ares
Ares Management LLC is a global alternative asset manager and SEC registered investment adviser with approximately $68 billion of committed capital under management and 700 employees as of September 30, 2013. Ares is headquartered in Los Angeles with professionals located across the United States, Europe and Asia and invests across the capital structure -- from senior debt to common equity. Ares' investment activities are managed by dedicated teams in its Capital Markets, Private Debt, Private Equity and Real Estate investment platforms. Ares Management was built upon the fundamental principle that each platform benefits from being part of the greater whole. This multi-asset class synergy provides its professionals with insights into industry trends, access to significant deal flow and the ability to assess relative value. For additional information, visit www.aresmgmt.com.
About NoteMachine
NoteMachine is one of the leading ATM operators in the UK with over.7,200 ATMs and is one of the largest independent ATM Operators in Germany. The business's ATMs are located in a variety of locations including supermarket chains, high street retail and convenience stores, handling over 200m transactions per annum. NoteMachine operates through-the-wall and internal cash machines on both a free-to-use and surcharging basis. It has a vertically-integrated business model capable of delivering services across the entire value chain from installing, monitoring and servicing ATMs to providing cash via its in-house cash-in-transit facilities=.
NoteMachine was founded in 2006 by Peter McNamara and is now backed by Corsair Capital LLP.
For media enquiries, please contact:
Tom Steiner
External Communications and Corporate Affairs Manager
GE Capital International
+44 208 1852 494 / +44 7787 415 891
[email protected]
Ares Management Ltd.
Bill Mendel
Mendel Communications
+1 212 397 1030
[email protected]
Tom Steiner
GE Capital EMEA
[email protected]
+44-(0)-208-185-2494