NewswireToday - /newswire/ -
Chicago, IL, United States, 2012/02/16 - GE Antares, a unit of GE Capital, announced it served as administrative agent on a $142 million senior credit facility to support the acquisition of ThermaSys by Wellspring Capital Management. NYSE: GE
GE Capital Markets served as sole lead arranger and bookrunner on the transaction.
“Our previous work with GE enabled them to anticipate our needs and structure a deal which supports our short and long-term goals,” said John Morningstar, partner at Wellspring Capital Management. “We appreciate the team’s responsiveness and look forward to working together as we focus on the growth of the business.”
“GE’s long history with Wellspring Capital allowed us to provide a financing solution that was attractive to both the ThermaSys management team and Wellspring,” said Inoki Suarez, senior vice president of GE Antares. “We’re once again proud to support Wellspring and fund this strategic acquisition.”
ThermaSys Corporation, founded in 1971, is a leading manufacturer of heat exchanges and heat exchanger components, including aluminum and brass seam-welded tubing. The company operates two distinct divisions, Heat Exchanger Products and Tubing Products, through multiple manufacturing facilities. ThermaSys serves a diverse group of end-markets including hydraulic systems, automotive, construction equipment, electric power generation and military.
About Wellspring Capital Management
Wellspring Capital Management (wellspringcapital.com), founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The firm's objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources.
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 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 (@GECapitalNews). GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems.