NORWALK, CT--- FEBRUARY 27, 2007 --- GE Commercial Finance -- Corporate Lending today announced it has provided a $71 million asset-based credit facility to Quantum Foods LLC, a leading beef processor and supplier for the food service industry. The loan will be used to refinance debt and for working capital needs.
"We chose GE for their flexibility in structuring the financing and because they went beyond the deal to provide great customer service," said David Prill, CFO for Quantum. "They understood the market trends in our sector and worked with us to create a facility to match our needs."
Quantum began in 1990 as a hand-cut butcher operation and grew to become one of the world's largest providers of steaks, pork and chicken, to restaurant chains, airlines, supermarkets and general merchandisers. Headquartered in Bolingbrook, IL, Quantum is also among the leading food suppliers to the U.S. military.
"Continued consolidation and volatility in the global protein market heightens the need for companies in this space to remain competitive," said Dennis Krause, Food, Beverage and Agribusiness Industry Leader for GE - Corporate Lending. "With more than $5.2 billion currently invested in the food industry, GE is committed to providing companies like Quantum with smarter capital to meet their business needs."
Industry Specialization
To better meet the unique financing needs of customers, GE Corporate Lending has a team of Industry Leaders supported by dedicated research analysts. These industry experts work closely with GE Corporate Lending's regional teams to build customized financing solutions for companies across key industries: Aerospace & Defense; Automotive & Automotive Parts; Chemicals & Plastics; Food, Beverage & Agriculture; Financial & Business Services, General Manufacturing; Paper, Packaging & Forest Products; Steel & Diversified Metals; Technology; and Transportation & Construction. The industry-aligned approach also builds on GE Corporate Lending's experience as a leading provider of financial solutions for the Retail industry and for companies in need of Project, Turnaround and Restructuring Finance.
About GE - Corporate Lending
With $14 billion in assets, GE Commercial Finance Corporate Lending is one of North America's largest providers of asset-based, cash flow, structured finance and other financial solutions for mid-size and large companies. From over 30 offices throughout the U.S. and Canada, Corporate Lending specializes in serving the unique needs of borrowers seeking $10 million to $1 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit gelending.com for more information.
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) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. 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 www.ge.com.
Contacts:
GE Corporate Lending, Norwalk
Jeffrey Wilson
203-229-1887
[email protected]
GE Commercial Finance
Ned Reynolds
(203) 229-5717
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340