GE Antares was the administrative agent on a $145.6 million senior secured credit facility to support the acquisition of Lazer Spot by Greenbriar Equity Group. GE Capital Markets was the co-lead arranger and co-bookrunner on this facility.
Lazer Spot’s services include trailer spotting (rapid and precise movement of empty and full trailers at its customers’ distribution centers and manufacturing facilities) and shuttling (on-demand movement of empty or full trailers between customers’ sites, distribution facilities, third party rail yards and shipping ports). Lazer Spot is the only national provider of spotting services with 260 sites that are used by more than 80 customers that operate in the consumer packaged goods, food & beverage, pulp & paper, retail, and industrial sectors. The company was founded in 1996 and is headquartered in Atlanta (www.lazerspot.com).
“Certainty of execution and speed are attributes we trust GE Antares to deliver and this transaction was no different,” said Jill Raker, managing partner at Greenbriar. “Their familiarity with Lazer Spot and track record of supporting management’s growth plans made them an ideal financing partner. We look forward to continuing our relationship with GE Antares.”
GE Antares is a unit of GE Capital with offices in Atlanta, Chicago, Los Angeles, Toronto, 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).
“Since becoming part of our portfolio in 2010, we’ve watched Lazer Spot expand and exceed expectations,” said Doug Cannaliato, managing director of GE Antares. “We’re pleased to lead their senior debt financing and provide a minority equity investment to Greenbriar in support of their acquisition. We look forward to continuing to support Lazer Spot’s passionate management team as they grow.”
Greenbriar Equity Group invests from $50 million to $150 million per transaction in the global transportation industry, including companies in logistics and distribution, aerospace and air transport, automotive, industrial equipment and components, MRO, surface transport and other related sectors. The firm manages $2.5 billion of committed capital and is based in Rye, NY (www.greenbriarequity.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 2-13-15