NewswireToday - /newswire/ -
Norwalk, CT, United States, 2014/01/27 - GE Capital, Corporate Finance announced it is serving as agent and sole lender on a $70 million senior credit facility for Shop-Vac Corporation, a leading manufacturer of wet/dry vacuums [NYSE: GE] - GECCF.com. NYSE: GE
The credit facility will be used for working capital and general corporate purposes, and to support the company’s international growth.
Shop-Vac wet/dry vacuum cleaners are manufactured for consumer, industrial and commercial applications. Shop-Vac also offers accessories, such as various wet and dry filters, replacement vacuum parts and caster wheels, sawdust collection systems, air cleaning systems, and air movers. The company was incorporated in 1969 and is based in Williamsport, PA.
“Having known and worked with GE Capital’s experienced team for many years, we are excited to be growing our relationship,” said Lennie Sherlinski, treasurer, Shop-Vac. “We feel that GE is the best choice to support our expansion here in the U.S. as well as internationally.”
“Increasingly, we find that mid-size companies are looking internationally for growth opportunities,” said Bob McCarrick, chief commercial officer lending at GE Capital, Corporate Finance. “We specialize in providing capital to help manufacturers fuel their expansion plans.”
About GE Capital, Corporate Finance
GE Capital, Corporate Finance (geccf.com) provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE’s best practices to help build their business.
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services. 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.
Ned Reynolds, GE Capital, Americas
P: 203-229-5717 / M: 203-837-0699
Jeff Wilson, GE Capital, Corporate Finance
P: +1 203 749 6340 - E: Jeffrey.Wilson[.]ge.com.