The Senior Secured Loan Program, jointly managed by affiliates of GE Capital and Ares Capital Corporation, announced today that it has closed four new financing transactions, totaling approximately $689 million, during the third quarter.
Below is a description for two of these transactions.
GE Capital and Ares Capital served as joint lead arrangers and bookrunners in a senior secured term loan to support Freeman Spogli’s acquisition of BECO Holding Company, Inc., doing business as Brooks Equipment Company, a business-to-business wholesale distributor of first response fire protection equipment and related parts. In addition, GE Capital, through its GE Antares subsidiary, provided a revolving credit facility in support of the transaction.
GE Capital and Ares Capital also served as co-lead arrangers in a senior secured term loan to support the acquisition of Intermedix Corporation by Thomas H. Lee Partners, L.P. Intermedix is a leading provider of revenue cycle management and software solutions to the emergency healthcare industry. GE Capital also provided a revolving credit facility to Intermedix.
About The Senior Secured Loan Program
The Senior Secured Loan Program (formerly known as the Senior Secured Loan Fund) was formed in December 2007 with approximately $3.6 billion of committed capital to invest in the senior secured debt of middle-market companies. The program is co-managed by GE Commercial Finance Investment Advisory Services LLC and Ares Capital Corporation. GE Capital and Ares Capital are currently able to make new commitments of up to $270 million in a single transaction for borrowers across a wide range of industry sectors. The Senior Secured Loan Program structure benefits borrowers by virtue of its simplified documentation through a single credit agreement, greater certainty of execution and reduced decision-making complexity throughout the life of the loan.
About Ares Capital Corporation
Ares Capital (arescapitalcorp.com) is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. With offices in Atlanta, Chicago, Los Angeles, New York and Washington, D.C., Ares Capital is a specialty finance company that provides integrated debt and equity financing solutions to U.S. middle market companies. Ares Capital invests primarily in first- and second-lien loans and mezzanine debt, which in some cases includes an equity component. Ares Capital is externally managed by Ares Capital Management LLC, an affiliate of Ares Management LLC, a global alternative asset manager and a Securities and Exchange Commission registered investment adviser. As of June 30, 2010, Ares Management had approximately $37 billion of committed capital under management.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is a diversified infrastructure, finance and media company that is taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit ge.com.
About GE Antares Capital
GE Antares Capital (geantares.com) 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 middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors.
About BECO Holding Company
Brooks (brooksequipment.com) is the nation's leading business-to-business wholesale distributor of first response fire protection equipment and related parts. With 16 locations across the United States, Brooks' customers have access to an inventory of over 17,000 fire equipment and MRO products from over 400 industry-leading manufacturers. Brooks is well regarded for its commitment to customer service and quality products, and has grown both by expanding its offerings and providing technical and educational support to customers. The company was founded in 1941 and is headquartered in Charlotte, N.C.
About Freeman Spogli & Co.
Freeman Spogli & Co. (freemanspogli.com) is a private investment firm dedicated exclusively to investing in and partnering with management in retail, direct marketing, distribution, retail services and consumer products companies positioned for growth. Since its founding in 1983, Freeman Spogli has invested approximately $2.7 billion in 44 portfolio companies with aggregate transaction value of $17 billion, and is currently making investments from FS Equity Partners VI, L.P. Freeman Spogli has offices in Los Angeles and New York.
About Intermedix Corporation
Intermedix Corporation (intermedix.com) focuses on the highly fragmented emergency healthcare system by delivering healthcare information technology and business solutions to manage the revenue cycle, promote preparedness and interoperability, and support incident response management, documentation and reporting. Intermedix provides revenue cycle management services for emergency physicians and hospital emergency departments, emergency medical services (ambulance) agencies, urgent care centers and fire departments throughout the United States and has collected billions of dollars for its clients. The company also provides technology solutions for state and local public health agencies, hospitals, emergency medical services agencies and fire departments using the brand names EMResource™, EMTrack™, ResponseManager™, TripTix®, WebCur™ and EMCredential™.
About Thomas H. Lee Partners
Thomas H. Lee Partners ("THL") is one of the world's oldest and most experienced private equity firms. The firm invests in growth-oriented global businesses, headquartered principally in North America, within three broad sectors: Business & Financial Services, Consumer & Healthcare and Media & Information Services. THL's team of investment and operating professionals partner with its portfolio company management teams to identify and implement business model improvements that accelerate sustainable revenue and profit growth. Since its founding in 1974, THL has acquired more than 100 portfolio companies and has completed over 200 add-on acquisitions, representing a combined value of more than $150 billion. THL's two most recent investment funds comprise more than $14 billion of aggregate committed equity capital. Notable transactions sponsored by THL (thl.com) include Aramark, Ceridian, Dunkin' Brands, Experian, Fidelity National Information Services, HomeSide Lending, Houghton Mifflin, inVentiv Health, Michael Foods, The Nielsen Company, ProSiebenSat.1, Snapple, Warner Chilcott, Warner Music Group and West Corporation.