NORWALK, Conn.--(BUSINESS WIRE)--April 4, 2005--GE Commercial Finance Global Media & Communications announced today that it has arranged a $35 million senior debt facility for Lebhar-Friedman, Inc., the leading independent publisher and provider of information serving the retail/food service communities and their supplier network. The facility will fund Lebhar-Friedman's acquisition of Dowden Health Media, a health care media company with communications products and services for both consumers and physicians.
GE Commercial Finance was the sole lender to the facility, which closed on March 31, 2005.
Lebhar-Friedman's expanding group of products and services includes the premier publications for the retail and foodservice industries - Chain Store Age, DSN Retailing Today, Drug Store News, Home Channel News and Nation's Restaurant News - and newsletters focusing on specific retail segments and merchandise categories. Lebhar-Friedman also serves the country's retail and foodservice suppliers through its Chain Store Guide Directory Division, which offers telemarketing services and research capabilities.
"This is a significant transaction for Lebhar-Friedman, representing an expansion of our existing publishing business into the very attractive market for health care information and education," said J. Roger Friedman, Lebhar-Friedman chairman and chief executive officer. "It was essential for us to work with a highly responsive, flexible and knowledgeable financing provider with a strong commitment to this transaction. GE Commercial Finance satisfied all these requirements."
"We are excited to play a role in this transaction for Lebhar-Friedman and look forward to having the opportunity to help support their future efforts to diversify and grow," said David Harrington, senior vice president, Global Media & Communications. "Our group is particularly dedicated to working with specialized publishing and information services companies making it especially gratifying for us to have assisted Lebhar-Friedman, a company with a strong publishing history and market-leading publications and related service offerings."
About GE Commercial Finance Global Media & Communications
With over $5 billion in assets and offices in Atlanta, Chicago, Delhi, Hong Kong, London, New York, Norwalk, and San Francisco, GE Commercial Finance Global Media & Communications represents a "one-stop" source for the comprehensive range of GE's lending and other structured financial services offered to the media, telecom, leisure & entertainment, and technology marketplace. For more information, please visit www.gegmc.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. General Electric (NYSE:GE) is a diversified technology, media, and financial services company dedicated to creating products that make life better. For more information, visit the company's website at www.ge.com.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
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TorranceCo
Jim Marren, 212-786-6133
Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340