NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance's Media, Communications & Entertainment business announced that it has provided a $34 million credit facility to support the acquisition of HMP Communications LLC by Alta Communications, a Boston-based private-equity investment firm. GE acted as sole lender for the facility, which closed on August 17.
HMP Communications (www.hmpcommunications.com), an authoritative source for comprehensive information, products and education services targeting healthcare professionals and consumers, publishes leading journals in wound care, dermatology, podiatry, cardiology, geriatrics, extended care and arthritis care. Its readers and customers range from physicians and clinicians to influential industry leaders, novice care providers and healthcare consumers. Alta Communications recently formed a partnership, with business-to-business media veterans Paul Mackler and Ken Fisher, intended to focus on healthcare and medical media. Through the acquisition of HMP, the group plans to build its healthcare and medical media platform and solidify its presence in the sector.
"We have a long-standing history with GE's Media, Communications & Entertainment team and we're excited that we have the opportunity to work with them again as we embark on this venture," said Phil Thompson, general partner, Alta Communications. "GE understands B2B publishing and the media sector in general, which allows them to make prudent decisions and continue to invest in its clients despite the current market climate."
"We're committed to providing our clients with world-class financial solutions, flexibility and industry expertise," said Peter Foley, senior managing director and sales leader for GE - Media, Communications & Entertainment. "HMP has strengthened its market leadership position over the past two decades and this acquisition is an indication of its success. We look forward to continuing our long-term relationship with both HMP and Alta."
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 $232 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
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CJP Communications
Dawn Cabral Zinkewich, 203-378-1152 x147
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Jeff Wilson
GE Capital Corporate Finance
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