CHICAGO--12 November 2008-- GE Antares Capital today announced it served as administrative agent for a $200 million asset-based credit facility to support the acquisition of Pittsburgh Glass Works, LLC by affiliates of Kohlberg & Company. GE Capital Markets served as sole lead arranger.
Pittsburgh Glass Works (PGW) supplies automotive OEM windshields, rear and side windows, sunroofs and assemblies for auto and truck manufacturers, and it supplies and distributes replacement automotive glass products for use in the aftermarket. It also provides insurance claims services through its LYNX Services subsidiary, glass management software and Internet marketing services through its GTS subsidiary, and e-business solutions through its GLAXIS offering.
"We are delighted to work with Kohlberg and its operating partners on another automotive platform, as they have an excellent history of investments in this sector," said Chet Zara, senior managing director at GE Antares. "For more than a year, we worked alongside Kohlberg as a steady partner to support their investment thesis for PGW."
PGW is the third transaction that GE Antares has led with Kohlberg in the past six months. Previous deals include a C$119.3 credit facility to support Kohlberg's acquisition of Nike Bauer Hockey, and a $120 million credit facility to support their acquisition of United States Infrastructure Corporation.
Evan Wildstein, Partner of Kohlberg & Company said, "In a challenging financing market, GE Antares stepped up to support our acquisition of Pittsburgh Glass Works." Wildstein further added, "GE Antares continues to provide Kohlberg with a source of consistent and reliable financing, which is another reason we view them as a valued lending partner."
About Kohlberg & Company
Kohlberg & Company, LLC is a leading U.S. private equity firm which acquires "middle market" companies. Since 1987, the firm has organized six private equity funds, through which it has raised $3.7 billion of committed capital. Kohlberg & Co. invests in companies where it can work in partnership with senior management to identify growth opportunities and implement fundamental operating and strategic changes, resulting in substantial increases in revenue and cash flow. The firm's use of moderate amounts of debt financing in acquiring companies affords them the financial flexibility necessary to attain these corporate objectives.
About GE Antares Capital
GE Antares Capital is a unit of GE Commercial Finance - Global Sponsor Finance. With $13 billion in assets, and offices in Chicago, London, Los Angeles, New York, and San Francisco, GE Antares offers a "one-stop" source for GE's lending and other services offered to middle market private equity sponsors, and is the top-ranked middle market PE lender through the first nine months of 2008. For more information, visit the GE Antares website at 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 approximately $300 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com. GE is Imagination at Work.
Ned Reynolds
GE Capital
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