GE Antares Capital Wraps 2013 as Top MidMarket Lender to Private Equity-Backed Companies
Agent on 170 senior secured loans to corporate borrowers across 90 private equity firms
Expanded value-added programs through customer technology partnerships with GE R&D
GE Antares, a unit of GE Capital, announced it closed more than 170 senior loan transactions with corporate borrowers across 90 private equity firms, totaling over $13 billion in financing in 2013 and retaining its position as the most active lender to PE-backed middle market companies.
“2013 was really about stretching ourselves for our customers,” said John Martin, president and CEO of GE Antares Capital. “Through consistent, reliable financing commitments backed by value-creating opportunities with GE’s industrial businesses and its Global Research Center, we delivered beyond just the deal.”
During 2013, GE Antares also closed $5.1 billion in commitments through the Senior Secured Loan Program (SSLP), jointly managed by an affiliate of Ares Capital Corporation and an affiliate of GE Capital. Since January 2010, the SSLP has committed approximately $14.2 billion to middle market borrowers.
“Though 2013 had its share of uncertainties around the government shutdown and fiscal situation, investor demand for loans to middle market companies continued to grow,” continued Martin. “Customers look to us to support their businesses regardless of the uncertainties, and we look forward to more of this in 2014.”
In 2013, GE Antares delivered value beyond lending to customers. In partnership with the GE Global Research Center (“GRC”), one of the world’s first industrial labs, GE Antares created connections between customers and the GRC resulting in 8 potential joint R&D projects, new suppliers and licensing partners. Also, through the unique Access GE program, customers tapped into GE’s insights, tools and best practices to address critical business needs.
“In 2013, we increased our already substantial Access GE offerings from the prior year and held over 400 one-on-one Access GE customer engagements, touching over 320 unique borrowers,” Martin stated.
Examples of 2013 loan transactions:
PODS Holdings Inc.
GE Antares served as administrative agent on a $430.0MM senior credit facility to support Arcapita Inc.’s refinance of PODS Holdings Incorporated. Founded in 1998, PODS Funding Corp. II is a provider of containerized moving and storage services. Based in Melville, NY, PODS serves more than 22,000 cities in 47 states/provinces, across the US, Canada and Australia.
Waddington North America
GE Antares co-led a $650MM senior facility for Waddington North America (“WNA”), a leading designer, manufacturer and supplier of plastic disposable tableware, serve ware and cutlery products, which facilitated their acquisition of Par-Pak. Part of GE’s loan portfolio since 2012 when Olympus Partners acquired WNA in 2012.
“We wanted GE Antares to retain the roles of administrative agent and joint lead arranger due to their experienced people, knowledge of credit and ability to underwrite and close quickly,” said Robert Morris, managing partner of Olympus Partners.
WASH Multifamily Laundry Systems, LLC
GE Antares served as administrative agent on a new $480MM facility to WASH Multifamily Laundry Systems, LLC to support the acquisition of Coinamatic, the largest provider of outsourced laundry services in Canada. WASH is a leading provider of outsourced laundry equipment services for multi-family housing properties, apartment buildings, condominiums, and university residence halls.
About GE Antares Capital
GE Antares is a unit of GE Capital. We are builders, not bankers. With offices in Atlanta, Chicago, Los Angeles, New York, and San Francisco, GE Antares is a leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. For more information, visit the GE Antares website at geantares.com.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (https://twitter.com/GECapital).
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company’s website at www.ge.com
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