GE Antares Agents DayMen Revolver for Recap
DayMen Group S.a.r.l. announced it reached an agreement with its capital stakeholders to recapitalize the company and to invest additional capital into the business to position itself for sustainable, long-term growth.
As part of the agreement, the senior lenders, led by GE Antares, a unit of GE Capital, as administrative agent, and management will collectively become beneficiary shareholders in the recapitalized DayMen. In addition, on November 6, 2014, the company approved terms of a new $10 million revolver.
The recapitalization significantly increases the financial flexibility of DayMen and will allow the company to accelerate investment in the business across its Lowepro, JOBY and Acme Made brands.
“This is an exciting moment in the history of DayMen, said CEO Paul Crawley. “We are extremely pleased to have reached an agreement with our partners that will provide the company with funding to accelerate the execution of our successful business strategy. This agreement provides us with increased free cash flow that will be used to further enhance our customer experience through continued product innovation and brand marketing activities. Our customers, vendors, and employees will benefit from the reinforcement of DayMen’s unique position as the preeminent brand for digital imaging electronic accessories protection.”
GE Antares will increase its minority equity ownership in DayMen as part of the transaction and will continue to serve as administrative agent for the senior secured credit facility and new $10 million revolving credit facility.
“The DayMen brands are market leaders that will become even stronger through this transaction,” said John Martin, president and CEO of GE Antares. “We are confident that the new capital structure will provide the DayMen management team with the financial flexibility it needs to deliver strong performance and are excited to partner with management to execute on the company’s strategic growth initiatives.”
DayMen is a designer, marketer and distributor of high-quality imaging products and accessories from third-party brands.