Linsalata Capital Partners has acquired Eatem Corp., a Vineland, N.J.-based company that makes bases and concentrates used in soups and other food products. No financial terms were disclosed, except that GE Antares Capital provided a $37 million senior secured credit facility. peHUB first reported on the deal last month.
GE Antares Capital, a unit of GE Capital, today announced it served as administrative agent for a $37 million senior secured credit facility to support the acquisition of Eatem Corporation by Linsalata Capital Partners.
Eatem Corporation, founded in 1983, develops and manufacturers proprietary flavor systems (i.e. food bases and savory flavor systems) that deliver the basic flavor profile for their customer’s food products, which are primarily soups, sauces and gravies.
Headquartered in Vineland, NJ, Eatem provides a critical role to customers through new product development and innovation, which is vital in the food industry. In addition, the Company maintains a collection of unique recipes, including a wide range of health and nutrient focused segments such as “No MSG”, “Low Sodium”, and “Organic” in addition to customized recipes and general flavor offerings. Eatem often works collaboratively with its blue chip customer base of food manufacturers to develop new flavor systems for particular new end products.
About Linsalata Capital Partners
Located in the Cleveland suburb of Mayfield Heights, Ohio, Linsalata Capital Partners was founded in 1984 and has combined its strong financial capabilities with extensive operational experience to accelerate the growth of middle-market companies. In its more than 25 years of investing, the firm has completed 93 buy-side transactions totaling more than $3 billion. Linsalata Capital Partners is currently investing from its sixth fund, Linsalata Capital Partners Fund V, L.P. (LinCap V), with $425 million in committed equity capital.
About GE Antares Capital
GE Antares is a unit of GE Capital – Sponsor Finance. With offices in Atlanta, Chicago, London, Los Angeles, New York, and San Francisco, GE Antares is a leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. For more information, visit the GE Antares website at www.geantares.com.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapitalNews). GE (NYSE: GE) is Imagination at Work – a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. Visit ge.com