GE Provides $45.1 Million Credit Facility to Leading U.S. Specialty Flow Control Distributor and Solutions Provider
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NORWALK, Conn.--04 November 2008-- GE Antares Capital today announced it served as administrative agent for a $45.1 million senior secured credit facility to support the acquisition of FCX Performance, Inc., by Sterling Investment Partners in partnership with the company's key senior management.
Founded in 1984 and headquartered in Columbus, Ohio, FCX is a leading U.S. specialty flow control distributor and solutions provider. FCX serves over 50,000 customers across highly diverse, growing end markets, including the chemical, food and beverage, personal care, pharmaceutical, power generation, pulp and paper, petroleum and steel industries, as well as original equipment manufacturers ("OEMs"). FCX provides "total solutions" through a broad inventory of over 60,000 complementary products and components from approximately 2,000 leading vendors sold through a highly-trained technical sales staff. FCX serves 26 Midwestern and Eastern states through three distribution centers and 15 branch locations.
"Our team's ability to structure and close this financing in the midst of significant market volatility demonstrates our commitment to customer relationships," said Douglas Cannaliato, senior vice president at GE Antares Capital. "We enjoy a great partnership with Sterling and many of their portfolio companies. As another recent example, we served as administrative agent in July 2008 to support Sterling's acquisition of Miller Heiman."
William Macey, Jr., a Sterling managing partner, said, "GE Antares' ability to execute so seamlessly in this market is a testament to their strong franchise. We are very pleased with our strong relationship with GE Antares and their support of another Sterling portfolio company and management team."
About Sterling Investment Partners
Sterling Investment Partners invests in companies with significant competitive strengths and growth potential. Founded in 1991, Sterling has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value of approximately $8.0 billion, representing more than 75 transactions. Sterling maintains a broad industry focus, including professional and business services, manufacturing, transportation and logistics, retail and technology-related businesses.
About GE Antares Capital
GE Antares Capital is a unit of GE Commercial Finance - Global Sponsor Finance. With $13 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, and is the top-ranked middle market PE lender through the first nine months of 2009. For more information, visit the GE Antares website at 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 approximately $300 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com. GE is Imagination at Work.
PRESS CONTACTS
Ned Reynolds
+1 203 229 5717
+1 203 837 0699 (mobile)
ned.reynolds@ge.com
