GE Capital’s Telecom, Media and Technology (TMT) financing group completed 58 transactions totaling $3.7 billion during 2012. “The increase in financings supports the continued M&A revival and growth of the TMT sectors,” said Pete Foley, senior managing director of GE Capital’s Telecom, Media and Technology team. “Last year was active for corporate financing as well as private equity-backed transactions. We look forward to supporting the growth of these industries as we begin 2013.”
GE Capital’s Telecom, Media and Technology group provides financing to enable corporate growth, acquisitions and balance sheet refinancings to companies in the following industries: cable, towers, data centers, wireless, metro fiber, radio, TV, digital media, education services and software. The group also finances technology companies that enable these industries (www.gecapital.com/tmt).
“We are committed to providing more than financial capital to our customers. We help them build stronger businesses by leveraging the depth and breadth of GE’s experience, including industrial and technology expertise,” said Mr. Foley. “In 2012, we connected customers to GE’s broader domain expertise, exploring new technologies and learning how the industrial and financial sectors can come together to help them solve their toughest challenges.”
Two noteworthy 2012 transactions for GE’s TMT group include JAB Wireless and Hoak Media.
In the fourth quarter of 2012, GE Capital served as administrative agent on a new $140 million credit facility for JAB Wireless, a provider of fixed wireless high-speed internet and VoIP phone service to residential and business subscribers. JAB Wireless is a portfolio company of ABRY Partners. GE Capital Markets served as lead arranger and administrative agent on the transaction.
“Since 2010, GE Capital has provided financing solutions that have enabled our company to more than double our customer base and profitability,” said Jack Koo, COO and CFO of JAB Wireless. “GE Capital’s expertise in the telecom industry and the capital markets make it a valued financial resource. The most recent financing has positioned us to strengthen our industry leadership and to continue our growth well into the future.”
In May of 2012, GE Capital acted as administrative agent on a $131 million recapitalization for Hoak Media, a middle market TV broadcaster operating in 13 different markets around the U.S. GE Capital Markets served as sole lead arranger and bookrunner for the deal. Hoak Media is a portfolio company of Columbia Capital.
“GE Capital has been our lead lender since 2007 and we truly value its deep industry knowledge and insight in the broadcasting space,” said Eric Van den Branden, president and CEO of Hoak Media.
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 • 2-25-13