CHICAGO--(BUSINESS WIRE)--July 17, 2006--GE Antares Capital today announced its role as administrative agent for a $37.5 million senior credit facility to support Century Park Capital Partners' acquisition of Eckler Industries, Inc. ("Eckler's").
GE Antares has served as administrative agent for Eckler's for several years and provided a staple-on financing to support the recent sale of Eckler's. GE Capital Markets serves as the sole lead arranger for the credit facility.
The financing consists of a $26 million term loan, $4 million revolving credit facility, and $7.5 million acquisition line. Century Park Capital Partners will use the proceeds of the financing to support the acquisition of Eckler's, and the remaining borrowings under the facility are available for general corporate purposes and for Eckler's to implement its business growth strategy.
Located near Orlando, Florida, Eckler's is the leading catalog and Internet source for Corvette and classic Chevy hard parts and accessories targeted primarily at auto enthusiasts. Founded in 1961, Eckler's holds an industry-leading market share within the Corvette consumer parts market. Eckler's also manufactures and distributes Corvette restoration parts, and is a catalog distributor of classic Chevrolet model restoration parts. Offering approximately 46,000 items from more than 300 suppliers worldwide, the Eckler's catalog is the best-recognized parts and accessories source for Corvette and Classic Chevy owners throughout the world.
"We have a long relationship with Century Park Capital Partners and led the original financing of Eckler's. Our in-depth knowledge of the company allowed for a very flexible financing package to support its acquisition of Eckler's," said Timothy Lyne, Managing Director of GE Antares Capital.
Martin Jelenko, a managing partner at Century Park Capital Partners, said: "GE Antares has showed us once again that industry knowledge equates into flexible and creative financing. Their responsiveness and flexibility were precisely what we needed for the acquisition of Eckler's. We hope to continue to grow with both Eckler's and GE Antares in the years ahead."
About Century Park Capital Partners
Century Park Capital Partners is a Los Angeles-based private equity firm that partners with owner/managers to build successful companies. The firm specializes in facilitating owner liquidity and business expansion by providing $10 million to $50 million equity investments for minority and majority recapitalizations, growth financings, management-led buyouts and acquisition financings. More information on Century Park Capital Partners can be found at www.centuryparkcapital.com.
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 Boston, Chicago, London, New York, and San Francisco, GE Antares offers a "one-stop" source for GE's lending and other services offered to the private equity sponsor middle market. 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 $190 billion and is headquartered in Stamford, 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 ge.com.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892