GE Antares, a unit of GE Capital, announced it served as administrative agent on a $555 million senior secured credit facility to support the acquisition of Duro Bag Manufacturing Company by Hilex Poly Company, a portfolio company of Wind Point Partners. GE Capital Markets served as joint lead arranger and joint bookrunner on this facility.
Kentucky-based Duro Bag is a provider of innovative point-of-purchase paper bags to key markets throughout the United States such as food service, specialty retail, grocery, and mass merchant. The combined company will provide over 3,000 manufacturing jobs in the U.S. and more than 600 in Canada and Mexico.
“GE Antares was an ideal financing partner to help join these two companies,” said Alex Washington, managing director of Wind Point Partners. “The GE Antares team’s swift execution on this transaction allowed us to meet our strategic financing needs.”
“We have long supported Hilex, and are excited to once again be part of its growth goals,” said Mike Hynes, a managing director of GE Antares. “This is a great opportunity for the company to diversify and we look forward to their continued success.”
Hartsville, SC-based Hilex Poly
is a manufacturer of flexible packaging products, ranging from bags for grocery, retail, and food service markets, to can liners and specialty films. Duro Bag is a manufacturer and marketer of retail and luxury paper bags, for foodservice, grocery, wholesale-distribution and other industries.