GE Antares is serving as administrative agent on a $104 million senior secured credit facility to support the acquisition of Teasdale Quality Foods by Snow Phipps Group. GE Capital Markets served as lead arranger and bookrunner on this facility.
“Snow Phipps has a long-standing and valued relationship with GE Antares. Their expertise in the food industry and ability to promptly arrange this financing made them an excellent partner,” said Ian Snow, CEO and managing partner of Snow Phipps.
Teasdale Quality Foods is the largest producer and marketer of canned hominy and beans in the Western United States, primarily serving the Hispanic market under its Teasdale brand and other branded products such as Aunt Penny’s and Emilio’s. The company sells its products through the retail, foodservice, government and industrial channels, including grocery chains, distributors, club stores, dollar stores, restaurant chains, commissaries, Hispanic food manufacturers and the U.S government. Teasdale owns and operates manufacturing facilities in Atwater, CA (headquarters), Hoopeston, IL and Greeley, CO. The company was founded in 1930 (www.teasdale.net).
“Teasdale’s strong culture and management team coupled with Snow Phipps’ expertise in the consumer sector attracted us to this financing opportunity,” said Doug Cannaliato, managing director of GE Antares. “We look forward to supporting management and Snow Phipps as they execute their growth plan.”
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).
Snow Phipps makes control investments in companies primarily located in North America with enterprise values ranging from $100 million to $500 million that require equity investments ranging between $40 million and $100 million. The firm has $1.5 billion of assets under management and was co-founded by Ian Snow and Ogden Phipps in April 2005. Snow Phipps is headquartered in New York (www.snowphipps.com).
