Sumitomo Mitsui Banking to buy GE’s European Sponsor Finance for $2.2 bln

GE said Tuesday that it has agreed to sell its European Sponsor Finance business to Sumitomo Mitsui Banking Corp. Europe Ltd., a  subsidiary of Sumitomo Mitsui Banking Corp., for about $2.2 billion. The GE business provides sponsor finance for European mid-market private equity deals. GE Capital is keeping its $1 billion investment in the European Senior Secured Loan Programme and European Loan Programme, both joint ventures between GE Capital and Ares Capital. The deal is expected to close in third quarter. Bank of America Merrill Lynch and Citigroup Global Markets advised GE.


Ares, Varagon Capital form J.V. to make middle market loans

Ares Capital Corp. and Varagon Capital Partners are forming a joint venture to make senior secured loans to middle-market companies. The J.V. will be called Senior Direct Lending Program (SDLP) that will seek to follow the success Ares had with GE Capital with its J.V., the Senior Secured Loan Program. The SDLP will underwrite and hold first lien loans, including stretch senior and unitranche loans, that are originated by Ares and Varagon. SDLP will commit and hold individual loans of up to $300 million, while Ares may also co-invest with the SDLP.


Vestar completes Woodstream acquisition

Vestar Capital Partners has closed its previously announced buy of Woodstream from Brockway Moran and CHS Capital. No financial terms were disclosed. GE Capital and Ares Capital Corporation provided debt financing for the transaction. Headquartered in Lititz, Pennsylvania, Woodstream is a maker of branded pest control and lawn and garden products.


VPC snags $51 mln from GE Capital, Franchise Finance and Citizen’s Bank

GE Capital, Franchise Finance and Citizen’s Bank have provided a $51 million credit facility to Victory Park Capital. According to VPC, the capital will be used to refinance the firm’s existing debt and long-term growth initiatives of portfolio company Chicago-based pizza restaurant chain Giordano’s.


peHUB First Read

First Read starts your week with news of Holcim’s board rejecting Lafarge merger terms, KKR, Varde and Deutsche acquire GE Capital’s consumer finance unit for $6.3 billion and Russia’s Vladmir Putin finally makes an appearance.


GE Antares Capital supports Graham Partners’ buy of Tidel Engineering

GE Antares, a GE Capital unit, has provided a $60 million credit facility to back Graham Partners‘ acquisition of Tidel Engineering. GE Capital Markets served as the loan’s joint lead arranger and bookrunner. Based in Carrollton, Texas, Tidel is a provider of provider of cash management systems and security products for retailers.


Nautic to acquire IPS Corp

Nautic Partners LLC has agreed to buy Compton, California-based IPS Corp, which provides solvent cements, specialty plumbing products and specialty adhesives. No financial terms were disclosed. GE Capital and LStar Capital provided financing for the deal while Robert W. Baird & Co. served as financial advisor to IPS.


Riverside completes Five Star acquisition

Riverside has acquired Five Star Painting as an add-on for its Dwyer Group platform. No financial terms were disclosed. Madison Capital, GE Capital, NXT Capital and Ares Capital provided financing for the transaction while Jones Day, KPMG, Fisher Zucker and Cassels Brock advised Riverside on the deal. Based in Spanish Fork, Utah, Five Star is a franchisor of interior and exterior painting services.


Windjammer Capital promotes Anderson to principal

Windjammer Capital has promoted Matt Anderson to principal. Anderson joined Windjammer in 2005 and worked out of the Newport Beach, California office. Prior to Windjammer, Anderson worked as corporate finance group at GE Capital where he underwrote, closed and managed senior secured loans to middle market companies.

PE HUB Community

Join the 12523 members of PE HUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget