GE Antares has agented a $400 million senior credit facility as part of Wind Point Partners’ recapitalization of its portfolio company Hearthside Food Solutions which was acquired by Wind Point in April 2009.
“GE Antares’ long relationship with Wind Point, track record of execution, and ability to make commitments in a tough economic environment made them a valued partner in financing this transaction,” said David Stott, vice president of Wind Point Partners. “They provide quick feedback and deliver consistently, which is critical in today’s volatile market.”
The financing consisted of a $340 million term loan, a $30 million delayed draw term loan, and a $30 million revolving credit facility. GE Antares served as administrative agent and GE Capital Markets acted as joint lead arranger and joint bookrunner for the transaction.
Hearthside Food Solutions manufactures grain-based food products including cookies, crackers, granola, granola bars, croutons, cereals, popcorn and snack mixes for premier food companies. The company operates 13 food manufacturing facilities in Michigan, Ohio, Indiana, Kentucky, Minnesota, and Oregon, with a workforce in excess of 5,000. Hearthside is based in Grand Rapids, MI (www.hearthsidefoods.com).
“We are extremely pleased to support Wind Point Partners and Hearthside,” said Mike Hynes, senior vice president at GE Antares. “Our relationship with Hearthside demonstrates our ability to provide leading middle market companies with financing that helps management create enterprise value.”
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).
Wind Point Partners invests from $20 to $70 million of equity in companies with revenues from $100 to $500 million and EBITDAs of at least $8 million. Industries of interest include business services, consumer products, healthcare and industrial products. The firm has approximately $2.5 billion in capital under management and is located in Chicago, IL (www.wppartners.com).