GE Antares Capital today announced it served as administrative agent for
a $200 million asset-based credit facility to support the acquisition of
Pittsburgh Glass Works, LLC by affiliates of Kohlberg & Company. GE
Capital Markets served as sole lead arranger.
Pittsburgh Glass Works (PGW) supplies automotive OEM windshields, rear
and side windows, sunroofs and assemblies for auto and truck
manufacturers, and it supplies and distributes replacement automotive
glass products for use in the aftermarket. It also provides insurance
claims services through its LYNX Services subsidiary, glass management
software and Internet marketing services through its GTS subsidiary, and
e-business solutions through its GLAXIS offering.
"We are delighted to work with Kohlberg and
its operating partners on another automotive platform, as they have an
excellent history of investments in this sector,"
said Chet Zara, senior managing director at GE Antares. "For
more than a year, we worked alongside Kohlberg as a steady partner to
support their investment thesis for PGW."
PGW is the third transaction that GE Antares has led with Kohlberg in
the past six months. Previous deals include a C$119.3 credit facility to
support Kohlberg's acquisition of Nike Bauer
Hockey, and a $120 million credit facility to support their acquisition
of United States Infrastructure Corporation.
Evan Wildstein, Partner of Kohlberg & Company said, "In
a challenging financing market, GE Antares stepped up to support our
acquisition of Pittsburgh Glass Works."
Wildstein further added, "GE Antares continues
to provide Kohlberg with a source of consistent and reliable financing,
which is another reason we view them as a valued lending partner."
About Kohlberg & Company.
Kohlberg & Company, LLC is a leading U.S. private equity firm which
acquires "middle market" companies. Since 1987, the firm has organized
six private equity funds, through which it has raised $3.7 billion of
committed capital. Kohlberg & Co. invests in companies where it can work
in partnership with senior management to identify growth opportunities
and implement fundamental operating and strategic changes, resulting in
substantial increases in revenue and cash flow. The firm's
use of moderate amounts of debt financing in acquiring companies affords
them the financial flexibility necessary to attain these corporate
objectives.
About GE Antares Capital
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