NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance's Media, Communications & Entertainment business today announced it has closed a transaction as administrative agent for a $117.25 million credit facility to support Washington D.C.-based private equity firm Arlington Capital Partners' acquisition of Daily Racing Form, the 112-year-old daily newspaper covering thoroughbred racing. GE Capital Markets served as sole lead arranger and bookrunner for the transaction, which closed October 19.
Founded in 1894, Daily Racing Form began as a four-page broadsheet devoted exclusively to horse racing and remains the country's only daily national newspaper dedicated to covering a single major sport. Daily Racing Form publishes up to 2,000 unique pages of statistical and editorial copy every day in as many as 25 daily editions, 364 days a year.
"GE's publishing industry experience and resourcefulness provided our team with invaluable support in making this transaction happen," said Jeffrey Freed, founding partner, Arlington Capital Partners. "We have a long-standing working relationship with GE's Media, Communications & Entertainment team and we look forward to building on this acquisition with their support."
"This acquisition provides supplemental brand equity to Arlington Capital Partners' core media portfolio," said Ray Shu, managing director of media, GE -- Media, Communications & Entertainment. "The firm's management team has a unique combination of operating and private equity experience, which enables it to continue to be an industry leader in middle market buyout investment. GE grows with its customers, so we are delighted to support another key acquisition by this leading private equity firm."
GE -- Media, Communications & Entertainment is a leading financier for the publishing sector. To date, publishing accounts for 21 percent of this GE business unit's portfolio.
About GE Commercial Finance -- Media, Communications & Entertainment
With over $8 billion in assets and offices in Atlanta, Chicago, Hong Kong, London, Los Angeles, New York, Norwalk and San Francisco, the Media, Communications & Entertainment business is a global strategic partner to the media, communications & entertainment industries and the technologies that enable them. We bring GE's full resources and financial strength to each relationship, while delivering industry expertise and flexible financing solutions that maximize stakeholder value. www.geMCE.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) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. www.ge.com
Contacts
GE Commercial Finance
Ned Reynolds
203-229-5717
[email protected]
or
CJP Communications
Dawn Cabral Zinkewich
203-378-1152 x147
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340