GE Capital, a middle-market lender, has provided $270 million in senior secured credit to Bradco Supply Corp., a portfolio company of Boston buyout firm Advent International.
GE Capital’s Global Sponsor Finance business today announced it served as administrative agent and co-syndication agent for a $270 million senior secured asset based revolving credit facility in support of Bradco Supply Corporation, a portfolio company of Advent International. GE Capital Markets and Bank of America Securities LLC served as joint lead arrangers and joint book runners.
Founded in 1966, and headquartered in Avenel, NJ, Bradco is a leader and innovator in the roofing supply industry. The company serves both the commercial and residential roofing sectors from more than 150 locations across 30 states. Ranked one of America’s largest private companies by Forbes, Bradco has over 2,600 employees and serves more than 25,000 customers nationwide.
“GE has been Bradco’s senior lender since the early 1990’s. It’s been our pleasure to work closely with Bradco and their management team,” said Bill Haffner, Managing Director at GE Global Sponsor Finance. “Our team quickly and reliably delivered a capital structure in very uncertain financial markets, and upsized their existing asset based facility to $270 million.”
Stephen Hoffmeister, a Principal at Advent International, said, “GE’s responsiveness and successful execution on this financing, as well as their ongoing commitment to Bradco and Advent made it easy for us to select them as our partner for this financing. The enlarged asset-based facility will support bolt-on acquisitions and other strategic growth initiatives, as Bradco continues to grow in the roofing supply market.”
About Advent International
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with offices in 15 countries on four continents. A driving force in international private equity for more than two decades, Advent has built an unparalleled global platform of over 130 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic restructuring opportunities and growth buyouts in five core sectors, working actively with management teams to drive revenue and earnings growth in portfolio companies. Since inception, Advent has raised $24 billion in private equity capital and through its buyout programs has completed more than 250 transactions valued at over $40 billion in 40 countries. For more information, visit www.adventinternational.com.
About GE Global Sponsor Finance
With over $14 billion in assets, and offices in Boston, Chicago, Dallas, London, Los Angeles, New York, and San Francisco, GE Capital’s Global Sponsor Finance business represents a “one-stop” source for the comprehensive range of GE’s lending and other structured financial services offered to the private equity sponsor market, and is the top-ranked middle market PE lender through the first nine months of 2008. For more information, please visit www.gegsf.com. GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company’s Web site at www.ge.com. GE is Imagination at Work.