CHICAGO--(BUSINESS WIRE)--GE Commercial Finance's Global Sponsor Finance business today announced it served as administrative agent for a $509.125 million senior secured credit facility to support MidOcean Partners' acquisition of Bushnell Outdoor Products, Inc. in combination with the Company's senior management team. The Governor and Company of the Bank of Ireland served as Syndication Agent of the facility, and GE Capital Markets served as sole lead arranger and sole bookrunner.
The financing consisted of a $40 million senior revolving credit facility, a $278 million senior term loan facility, a $156.325 million second lien term loan facility, and $34.8 million of Holdco Notes. Proceeds were used to fund MidOcean's acquisition of Bushnell and to provide for general working capital needs.
Founded in 1948, and headquartered in Overland Park, KC, Bushnell Outdoor Products has grown to include 11 brands and 15 of the most highly recognized product lines in the optical and outdoor products industries, including such well known brands as Bushnell, Tasco, Bollé, and Serengeti as well as other quality outdoor accessory brands, including Hoppe gun cleaning solvents. The Company's growing line of Outdoor Technology products such as laser rangefinders and handheld GPS devices has accelerated growth in recent years. With its emphasis on innovation, emerging technologies and performance innovation, Bushnell Outdoor Products has developed a reputation for developing and marketing the highest quality products, which seek to enhance the experience of outdoor and sports enthusiasts.
"Our team's flexibility in structuring the transaction in a very challenging market, and GE's diverse distribution capabilities provided the right capital structure solution for Bushnell, MidOcean and the market," said Tony McCord, Managing Director of GE - Global Sponsor Finance. "We have enjoyed our long relationship with Bushnell's management team and are pleased to play a part in helping Bushnell continue to successfully grow its market position. GE has helped to finance several of MidOceans' acquisitions in the past and we look forward to working with them on future transactions."
Rob Sharp, a managing director of MidOcean Partners said, "We appreciate GE's responsiveness and successful execution on this financing, as well as their ongoing commitment to MidOcean. The GE team is very supportive of Bushnell and of the vision management has for continued growth and success of the Company."
Brian Sommerfeld, Senior Vice President of GE -- Global Sponsor Finance added, "As we illustrated with Bushnell, we continue to deliver to private equity firms and their portfolio companies a full range of financing options, with flexibility and timeliness and rigorous focus on the special needs of the firm as well as the transaction situation."
About MidOcean Partners
MidOcean Partners is a premier private equity firm focused on the middle market. Based in New York and London, MidOcean is committed to investing in high quality companies with stable market positions and multiple opportunities for growth in the United States and Europe. Targeted sectors include consumer and leisure, media and communications, business and financial services and industrials. MidOcean utilizes a broad foundation of expertise in its focus industries and its transatlantic platform to create value for its investors and partners. For more information, please visit www.midoceanpartners.com.
About GE Commercial Finance, Global Sponsor Finance
With over $8 billion in assets, and offices in Boston, Chicago, Dallas, London, Los Angeles, New York, and San Francisco, GE Commercial Finance, Global Sponsor Finance represents a "one-stop " source for the comprehensive range of GE's lending and other structured financial services offered to the private equity sponsor market. For more information, please visit www.gegsf.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. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers 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 Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340