CHICAGO--(BUSINESS WIRE)--GE Antares today announced it is serving as syndication agent for a $275 million senior secured credit facility to support the acquisition by Best Brands (the “Company”) of Telco Food Products Inc., and Brantley Partners’ recapitalization of the Company. GE Capital Markets and RBS Securities Corporation serve as joint lead arrangers and joint bookrunners.
The financing consisted of a $30 million senior secured revolving credit facility, a $170 million senior secured first lien term loan facility, and a $75 million second lien term loan facility. Proceeds of the credit facility were used to provide financing for the acquisition of Telco Food Products, Inc., and to recapitalize certain existing indebtedness as well as to fund its ongoing working capital needs.
Headquartered in Minnetonka, Minnesota, Best Brands is a fully integrated manufacturer and distributor of premier brands to in-store bakeries, retail and wholesale bakeries, and food service establishments in North America. The Company’s portfolio of brands represents some of the most widely recognized names in the bakery industry, including Best Brands, Multifoods, Gourmet Baker and Fantasia.
“The acquisition of Telco Food Products provides synergies and top line growth to Best Brands Corp.’s core strengths. Best Brands has industry leading brand recognition and is led by a strong management team that has a proven track record of acquiring and integrating strategic acquisitions. Brantley is an important customer to GE and we are delighted to support Best Brands’s acquisition of Telco,” said Bradley Byrd, Senior Vice President of GE Antares.
Paul Cascio of Brantley Partners, said, “We appreciate GE Antares’ responsiveness and execution on the Best Brands financing, and their ongoing commitment to working with Brantley. The GE Antares team is supportive of our vision for future growth and development at Best Brands. GE Antares has helped to finance several of our portfolio companies and we look forward to working with GE Antares on future transactions.”
About Brantley Partners
Brantley Partners, based in Cleveland, Ohio, is a middle market private equity firm focused on an investment strategy of making equity investments in well-managed growth oriented companies and forging a strong working and investment partnership with management. Best Brands is an investment in Brantley Partners IV, L.P. The firm is currently raising Brantley Partners V, L.P., targeted at $250 million.
About GE Antares Capital
GE Antares Capital is a unit of GE Commercial Finance - Global Sponsor Finance. With over $8 billion in assets, and offices in Chicago, London, Los Angeles, New York, and San Francisco, GE Antares offers a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. Visit www.geantares.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $206 billion and is headquartered in Norwalk Connecticut. 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. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company’s website at www.ge.com.
Contacts
GE Commercial Finance, Norwalk Ned Reynolds, 203-229-5717 ned.reynolds@ge.com
