Daily News: January 23, 2015

GE Capital’s TMT Business Closes 50+ Deals in 2014

GE Capital’s Telecom, Media and Technology (TMT) financing business announced it completed more than 50 transactions totaling $5 billion during 2014, including $1.3 billion across 17 technology sector transactions. The TMT business addressed the financial needs of customers in key growth sectors including the cable, data center, metro fiber, radio, TV, digital media and software industries, among others.

“We attribute another strong year to delivering consistent, reliable commitments coupled with industry expertise that is unique to GE,” said Pete Foley, senior managing director of TMT. “The addition of sell-side analyst Raj Seth to our technology team and our ability to connect customers to the expertise, resources and opportunities resident at GE’s software business in California helped us successfully serve middle market businesses in the technology space.”

In 2014, GE Capital’s TMT business held a Cloud Industry Summit that gathered more than 40 investment groups to hear how the cloud is transforming business models. The event brought investors together to hear ideas from industry leaders and pioneers including Bill Ruh, head of GE Software, and Chris Drumgoole, chief operating officer for IT at GE.

During 2014, GE Capital’s TMT business also closed $491 million in commitments through the Senior Secured Loan Program (SSLP), which is jointly managed by an affiliate of Ares Capital and an affiliate of GE Capital. Since January 2010, the SSLP has committed approximately $16.8 billion to middle market borrowers.

Examples of 2014 loan transactions:

NAVEX Global

GE Capital served as administrative agent on a $310 million senior secured credit facility to support Vista Equity Partners’ acquisition of NAVEX Global, a compliance and ethics software provider. NAVEX offers policy and case management software, internal reporting solutions, automated third-party risk management, online training and advisory services to help remediate key workplace compliance risks.
“GE Capital has strong capabilities in the technology sector. We value our collaborative financing relationship with them and appreciate their hard work in leading this transaction for us,” said Kevin Sofield, head of capital markets at Vista Equity Partners.

KORE Wireless Group

GE Capital served as administrative agent on a $117.3 million senior secured credit facility to support ABRY Partners’ majority ownership position in KORE Wireless Group.

Founded in 2003 and headquartered in Atlanta, KORE is an independent managed connectivity service provider focused on the machine-to-machine (M2M) ecosystem. KORE supports 1.5 million wireless devices for more than 800 customers and provides a network footprint spanning more than 180 countries, the world’s oceans and areas not covered by cellular service through its network centers in Atlanta and Las Vegas as well as Melbourne, Australia.

Digity Media

GE Capital served as administrative agent on a $118 million senior secured credit facility to support the combination of Palm Beach Broadcasting and GoodRadio.TV as well as the acquisitions of NextMedia Operating and Three Eagles Communications to form Digity Media. The transaction was the led by Garrison Investment Group and Dean Goodman, Digity’s CEO.

Digity is a diversified local media, digital entertainment and event marketing company. Through this combination and previous acquisitions, Digity currently owns more than 110 radio stations in 23 clusters across 14 states, making it the fifth-largest owner of radio stations by number.