GE Antares Backs Dividend Recap for CHS
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GE Antares Backs Dividend Recap for CHS

GE Antares served as administrative agent on a $85 million senior credit facility for Kele, a supplier of commercial HVAC and building automation interface products and a portfolio company of CHS Capital.  The financing supported a dividend recapitalization.

“GE Capital committed to and placed the facility with its strategic investor relationships, limiting the need for syndication and allowing us to move quickly to closing,” said David Hawkins, partner at CHS Capital. “In addition, our relationship with GE Antares and their deep understanding of our business helped us close this transaction efficiently and successfully.”

Kele is a catalog-based supplier of peripheral control products and services to the building automation systems industry.  Products include transmitters, sensors, switches, gauges, transformers, actuators, relays and transducers. Kele also offers peripheral control products for the lighting industry and security and access control products. The company is based in Memphis, TN (www.kele.com).

“The growth of Kele requires a lender who understands our business and our goals. GE Capital has this understanding and we look forward to working with them as we continue to grow and expand our market reach,” said Tim Vargo, president and CEO of Kele.

GE Antares is a unit of GE Capital with offices in Atlanta, Chicago, Los Angeles, New York, and San Francisco. Specializing in the middle market, GE Antares is a “one-stop” source for GE’s lending and other services to middle market private equity sponsors (www.geantares.com).

“We are pleased to provide this financing to support the growth of Kele with CHS Capital,” said Brian Polomsky, senior vice president at GE Antares Capital. “Working with our strategic investor relationships we were able to provide the entire facility. We look forward to leveraging these relationships to continue delivering financing solutions for CHS Capital, Kele and other middle-market leaders.”

CHS Capital (formerly Code Hennessy & Simmons) specializes in private equity investments and recapitalizations of middle market companies in partnership with management. CHS targets companies with enterprise values between $75 million and $500 million. Industries of interest include business & consumer services; distribution; industrial products; infrastructure; and energy.  The firm is located in Chicago, IL (www.chsonline.com).

PEPD 8-16-12

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