GE Capital Backs KPS Capital Partners Dividend Recap at Waupaca Foundry
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GE Capital Backs KPS Capital Partners Dividend Recap at Waupaca Foundry

Earlier this month KPS Capital Partners completed a $200 million dividend recap of its portfolio company Waupaca Foundry. Proceeds for this dividend recapitalization were funded by a $200 million upsizing of a credit facility provided by GE Capital which served as the administrative agent.

KPS acquired ThyssenKrupp Waupaca, Inc., which was renamed Waupaca Foundry, Inc., from ThyssenKrupp Budd Company in June 2012. GE Capital was the administrative agent on $485 million in acquisition financing used by KPS to acquire Waupaca Foundry.

“GE Capital specializes in providing business-building capital to middle-market companies,” said David Shapiro, managing partner at KPS Capital Partners. “As Waupaca Foundry continues to grow, it’s critical we have a lender who can support the company and adapt financing structures to match its growth profile.”

Waupaca Foundry is the largest iron foundry company in the world and produces gray and ductile iron castings using state-of-the-art technology. Waupaca supplies iron castings to the automotive, truck, agriculture, construction, hydraulics and commercial vehicle markets. The company operates six manufacturing facilities located in Wisconsin (4), Indiana, and Tennessee. Waupaca employs approximately 3,700 people and is headquartered in Waupaca, WI (www.waupacafoundry.com).

“With deep automotive, manufacturing and metals expertise, we were able to quickly provide Waupaca Foundry with additional financing,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “Working closely with customers to provide growth capital as they evolve is our specialty.”

GE Capital provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Sectors of interest include: aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics (www.gecapital.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 2-19-13

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