GE Antares Provides $142MM Facility for ThermaSys Acquisition
GE Antares, a unit of GE Capital, said it served as administrative agent on a $142 million senior credit facility to support the acquisition of ThermaSys by Wellspring Capital Management. GE Capital Markets served as sole lead arranger and bookrunner on the transaction.
“Our previous work with GE enabled them to anticipate our needs and structure a deal which supports our short and long-term goals,” said John Morningstar, partner at Wellspring Capital Management. “We appreciate the team’s responsiveness and look forward to working together as we focus on the growth of the business.”
“GE’s long history with Wellspring Capital allowed us to provide a financing solution that was attractive to both the ThermaSys management team and Wellspring,” said Inoki Suarez, senior vice president of GE Antares. “We’re once again proud to support Wellspring and fund this strategic acquisition.”
ThermaSys, founded in 1971, is a manufacturer of heat exchanges and heat exchanger components, including aluminum and brass seam-welded tubing. The company operates two distinct divisions, Heat Exchanger Products and Tubing Products, through multiple manufacturing facilities. ThermaSys serves a diverse group of end-markets including hydraulic systems, automotive, construction equipment, electric power generation and military.