NewswireToday - /newswire/ -
Chicago, IL, United States, 2014/11/03 - GE Antares, announced it is serving as administrative agent on a $104 million senior secured credit facility to support the acquisition of Teasdale Quality Foods, Inc. by Snow Phipps Group, LLC - GEAntares.com. NYSE: GE
GE Antares, a unit of GE Capital, announced today it is serving as administrative agent on a $104 million senior secured credit facility to support the acquisition of Teasdale Quality Foods, Inc. by Snow Phipps Group, LLC. GE Capital Markets served as lead arranger and bookrunner on this facility.
Headquartered in Atwater, California, Teasdale produces and markets canned hominy and beans, primarily in the Western and Midwestern United States. The company also manufactures a line of sauces, organic beans and other shelf-stable products for national and regional foodservice providers.
“Snow Phipps has a long-standing and valued relationship with GE Antares. Their expertise in the food industry and ability to promptly arrange this financing made them an excellent partner,” said Ian Snow, CEO and managing partner of Snow Phipps.
“Teasdale’s strong culture and management team coupled with Snow Phipps’ expertise in the consumer sector attracted us to this financing opportunity,” said Doug Cannaliato, managing director of GE Antares. "We look forward to supporting management and Snow Phipps as they execute their growth plan.”
About Teasdale Quality Foods, Inc.
Teasdale's roots can be traced back to the 1930's. Inspired by the rich agricultural Central Valley of California, the company (teasdale.net) is the largest producer and marketer of canned hominy and beans in the Western U.S., as well as a major producer of conventional and organic canned dried beans in the Midwest. In addition to serving the Hispanic market under its Teasdale brand and other branded products, the company manufactures shelf stable conventional, organic, Hispanic, ethnic, and kosher hominy and bean products for a variety of national and regional foodservice providers, retailers and consumer brands.
About Snow Phipps Group, LLC
Snow Phipps (snowphipps.com) is a private equity firm focused on middle-market control investments. With $1.5 billion of assets currently under management, Snow Phipps targets platform companies with enterprise values ranging from $100 million to $500 million. The firm utilizes an operating partner model to invest across select industries and seek value creation through an operationally focused strategy.
About GE Antares Capital
GE Antares (geantares.com) is a unit of GE Capital. With offices in Atlanta, Chicago, Los Angeles, Toronto, 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. GE Antares was recognized by Private Debt Investor and Private Equity International as 2013 Lender of the Year, North America and Mid-Cap Lender of the Year, North America, respectively.
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services.
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.