NewswireToday - /newswire/ -
Norwalk, CT, United States, 2012/08/30 - GE Capital announced it is serving as administrative agent on a $150 million senior secured credit facility to support the combination of Golf Town and Golfsmith (NYSE: GE) - GECapital.com. NYSE: GE
The combined business operates under the name Golfsmith International and creates the world's largest golf specialty retailer. The credit facility will be used to support working capital and to refinance existing debt. GE Capital Markets served as lead arranger and bookrunner on the transaction.
Golf Town, an OMERS Private Equity portfolio company, was founded in 1999 in Ontario, Canada and operates stores across Canada and the greater Boston area. Golfsmith, founded in 1967 and headquartered in Austin, Texas, began as a golf catalog business and now includes retail locations across the U.S. along with a significant online platform. The newly formed Golfsmith International will operate a combined 151 retail locations across the U.S. and Canada, as well as an e-commerce site.
"GE Capital structured the financing that will enable us to make this combination and our ongoing operations a success," said Sue Gove, president and chief operating officer of Golfsmith International. “Golfsmith International and OMERS Private Equity have both worked with GE Capital for years, and we are confident that we will benefit from their industry knowledge and understanding of our business goals.”
“The industry continues to be selective with mergers and acquisitions, but smart retailers are finding there are good opportunities available to accelerate growth,” said Jim Hogan, senior managing director of GE Capital, Corporate Retail Finance. “Bringing together our retail finance expertise with the sponsor finance experts at GE Antares meant we were able to quickly understand the needs on all sides of this transaction and structure financing accordingly.”
About GE Capital, Corporate Retail Finance
GE Capital, Corporate Retail Finance is a leading provider of senior secured loans to retailers, primarily in the U.S. and Canada, to support working capital, growth, acquisitions and more. With Access GE, clients also benefit from access to GE’s best practices. Visit gelending.com/clnews.
About GE Antares Capital
GE Antares (geantares.com) is a unit of GE Capital, Americas. 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.
About GE Capital
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services. Follow company news via Twitter (@GECapital). GE (ge.com) 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.