NEW YORK AND NORWALK, Connecticut – (COMMERCIAL THREAD) – The Senior Secured Loan Program (SSLP), jointly managed by a subsidiary of Ares Capital Corporation and a subsidiary of GE Capital, today announced that it has entered into three financing commitments totaling $ 590 million, including including refinancing operations, during the second quarter of 2012 As of January 1, 2010, SSLP has committed approximately $ 7.3 billion to middle market borrowers.
âThe transaction activity during the second quarter illustrates the importance of the closing certainty and funding flexibility that SSLP provides to private equity sponsors,â said Michael Arougheti, president of Ares Capital.
Stuart Aronson, President and CEO of GE Capital’s Sponsor Finance business, said, âHelping build and strengthen the middle market is at the heart of our business. SSLP provides a flexible and reliable capital solution to mid-market companies in all market conditions, and we look forward to working with these companies as they continue to grow their businesses.
Below is a brief description of three recent transactions.
Augusta Sportswear Holdings, Inc. / Kelso & Company
GE Capital Markets and Ares Capital acted as Principal Arrangers and Associate Bookkeepers in a $ 367 million senior secured term loan, of which $ 300 million was provided by SSLP and $ 67 million was provided directly by Ares Capital, to support the acquisition of Augusta Sportswear Holdings. , Inc. by Kelso & Company. Augusta is a leading producer and distributor of team uniforms, athletic wear, outerwear, and school-inspired products for team uniform suppliers and custom decorators.
SVP World / Kohlberg & Company
GE Capital Markets and Ares Capital acted as Principal Arrangers and Associate Bookkeepers in a $ 200 million secured term loan provided by SSLP to support the refinancing of SVP Worldwide by Kohlberg & Company. SVP is the world leader in consumer sewing machines.
Cambridge International, Inc. / Industrial Growth Partners
GE Capital Markets and Ares Capital acted as Principal Arrangers and Associate Bookrunners in a Senior Secured Term Loan provided by SSLP to support the acquisition of Cambridge International, Inc. by Industrial Growth Partners . Cambridge International, Inc. is a pioneer and the world’s leading supplier of critical, consumable, custom fabricated, and high-tech woven metal products used in process transport as well as architectural and environmental applications.
About the Senior Secured Loan Program
The Senior Secured Loan Program was established in December 2007 to invest in the senior secured debt of mid-market companies. Its members are Ares Capital Corporation and GE Global Sponsor Finance LLC. The program is co-managed by GE Commercial Finance Investment Advisory Services LLC and Ares Capital Management LLC and transactions require the approval of individuals appointed by SSLP members. SSLP has $ 7.7 billion of available capital and can hold up to $ 300 million in a single transaction for borrowers across a wide range of industry sectors. SSLP benefits borrowers with increased speed, simplicity and security, with proven partners.
About Ares Capital Corporation
Ares Capital is a leading specialty finance company providing one-stop financing solutions to mid-market US companies and private equity sponsors. The Company initiates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through investments in debt and equities, primarily in private companies. Ares Capital has elected to be regulated as a business development company and is managed externally by a wholly owned subsidiary of Ares Management LLC. Ares Management is a global alternative asset manager and SEC registered investment advisor with approximately $ 54 billion of committed capital under management as of June 30, 2012. For more information, visit www.arescapitalcorp.com.
About GE Capital
GE Capital provides consumers and businesses around the world with a range of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is working on things that matter. The best people and the best technologies to tackle the toughest challenges. Find solutions in the areas of energy, health and home, transport and finance. For more information, visit ge.com
About GE Antares Capital
GE Antares Capital is a unit of GE Capital, Sponsor Finance. With offices in Atlanta, Chicago, Los Angeles, New York and San Francisco, GE Antares is a leading lender to mid-market private equity sponsors. GE Capital Markets has ranked # 1 in the US Sponsored Middle Market Bookrunner League Tables in three of the past four years. For more information, visit www.geantares.com.
About Augusta Sportswear Holdings, Inc.
Founded in 1977, Augusta primarily sells team uniforms, athletic wear, outerwear, and school-inspired products to team uniform suppliers, custom decorators, and promotional product distributors. For more information, visit www.augustasportswear.com.
About Kelso & Company
Kelso & Company is one of the oldest and most established companies specializing in private equity investing. Since 1980, Kelso has invested in over 115 companies with an aggregate initial capitalization of nearly $ 39 billion. The company is currently investing in its eighth investment partnership, Kelso Investment Associates VIII, LP, with committed capital of $ 5.1 billion. For more information, visit www.kelso.com.
About SVP World
SVP Worldwide is the world’s largest consumer sewing machine company and the source of the SINGERÂ®, HUSQVARNA VIKINGÂ® and PFAFFÂ® sewing machine collections. As a global leader doing business through its affiliated companies in over 190 countries, SVP Worldwide specializes in the design, manufacture and distribution of sewing, quilting and embroidery machines, accessories and high quality products for consumers and craftsmen. For more information, visit www.svpworldwide.com.
About Kohlberg & Compagnie
Kohlberg & Company, LLC (âKohlbergâ) is a leading US private equity firm headquartered in Mount Kisco, New York. Since its inception in 1987, Kohlberg has made 58 platform investments and over 100 add-on acquisitions, with an aggregate transaction value of over $ 9 billion. Kohlberg has invested over $ 3 billion in its history and is currently investing its seventh private equity fund, Kohlberg Investors VII. For more information, visit www.kohlberg.com.
About Cambridge International, Inc.
Cambridge International, Inc., the world’s largest manufacturer of wire belts and wire mesh, celebrates its centenary. With a heritage dating back to 1911, Cambridge International is a global industry leader, expanding to include three distinct divisions – Cambridge Engineered Solutions, Cambridge Architectural and Cambridge Environmental Technologies. Based on the east coast of Maryland, with five manufacturing sites around the world, the company is recognized as a pioneer in engineering and manufacturing, supporting a wide range of industries. Employing over 400 team members, Cambridge grows and grows actively while continuing to develop innovative product solutions to help its customers, and thus is poised to evolve and grow over the next century. For more information, visit www.cambridge-intl.com.
About industrial growth partners
IGP, founded in 1997, is a San Francisco-based private equity firm with $ 1.3 billion in capital under management. The firm invests exclusively in mid-size companies in the manufacturing sector in partnership with management. For more information, visit www.igpequity.com.