GE Antares was the administrative agent on a senior secured credit facility to support Harbour Group’s acquisition of Phillips and Temro Industries from Audax Group which first invested in the company in February 2012. GE Capital Markets was the joint lead arranger and joint bookrunner on this facility.
Phillips & Temro Industries (PTI) is a manufacturer of heating, cooling, and silencing products for diesel, gasoline, hybrid, and electric vehicle engines. The company has facilities in the United States, Canada, the United Kingdom, and China, and serves the heavy-duty truck, light-duty truck, power generation, off-road, automotive, and electric/hybrid vehicle end markets. Phillips & Temro was founded in 1920 and has a total of five manufacturing facilities. The company is headquartered near Minneapolis in Eden Prairie, MN (www.phillipsandtemro.com).
“GE Antares’ familiarity with PTI and the markets the company serves made them an excellent financing choice on this transaction,” said Jeff Fox, CEO at Harbour Group. “Consistent with our past experiences, GE Antares continues to provide exceptional service and a truly collaborative, flexible approach.”
GE Antares is a unit of GE Capital and has 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 the start of our relationship in 2011, PTI has realized impressive growth while retaining the exceptional product quality that they’re known for,” said Katie Hockman, managing director of GE Antares. “We are thrilled to partner with Harbour on this acquisition and look forward to continuing to support management and Harbour in this next chapter.”
Harbour Group and its companies are engaged in manufacturing and distribution in multiple industries, including flow and energy measurement, boiler systems, professional diagnostic and repair tools, specialty LED systems, niche distribution, logistics services, decorative kitchen and bath hardware, abrasives, diamond-cutting products and related tools, entertainment and music products, and auxiliary plastic processing equipment. Since its founding in 1976, Harbour Group has acquired 180 companies in 38 different industries. The firm is based in St. Louis (www.harbourgroup.com).
“We’re thrilled to embark on the next chapter in PTI’s history with Harbour Group and GE. The exceptional operational knowledge that Harbour Group brings to bear in conjunction with the resources from GE will have a very positive impact on our growth story – benefiting both our employees and our customers,” said Butch Sumpter, President & CEO of PTI.
© 2015 PEPD • Private Equity’s Leading News Magazine • 3-27-15
