GE Antares Capital Provides $400MM to Hearthside Food Solutions
Monday, June 18, 2012
GE Antares announced that it agented a $400 million senior credit facility as part of private equity firm Wind Point Partners' recapitalization of Hearthside Food Solutions. The financing consisted of a $340 million term loan, a $30 million delayed draw term loan, and a $30 million revolving credit facility. GE Antares served as administrative agent and GE Capital Markets acted as joint lead arranger and joint bookrunner for the transaction.
Hearthside Food Solutions, headquartered in Downers Grove, IL, is a privately held independent bakery and is a full-service contract manufacturer of high-quality grain-based food and snack products for some of the world's leading premier brands. The company was formed in 2009 and today operates 13 food manufacturing facilities in Michigan, Ohio, Indiana, Kentucky, Minnesota, and Oregon, with a workforce in excess of 5,000.
"GE Antares' long relationship with Wind Point, track record of execution, and ability to make commitments in a tough economic environment made them a valued partner in financing this transaction," said David Stott, vice president of Wind Point Partners. "They provide quick feedback and deliver consistently, which is critical in today's volatile market."
"We are excited to join with GE Antares and appreciate their support of our company as we continue to grow and build our business," said Rich Scalise, chairman and CEO of Hearthside. "GE Antares has proven to be a trusted source for our financing needs and continues to exceed our expectations."
"We are extremely pleased to support Wind Point Partners and Hearthside," said Mike Hynes, senior vice president at GE Antares. "Our relationship with Hearthside demonstrates our ability to provide leading middle market companies with financing that helps management create enterprise value."