GE Antares, a unit of GE Capital, has inked a deal with private equity sponsor Kohlberg & Company for a $160 million senior secured credit facility to support the acquisition of PPC Industries. PPC is a provider of specialty plastics for the medical/pharmaceutical, food and industrial industries. The company is headquartered in Plasant Prairie, Wisconsin, and has additional manufacturing outposts in California, Arizona, Costa Rica, Malaysia and Ireland.
Both PPC and Kohlberg are returning lending business partners for the GE unit. “GE Antares has been a trusted lender of Kohlberg’s for many years,” Seth Hollander, partner at Kohlberg, said in a statement. “Their expertise in the middle market, knowledge of PPC and ability to move quickly through the approval and closing process made them a logical choice to lead the financing.”
“Since becoming part of our portfolio in 2006, we’ve seen PPC grow and exceed expectations,” Chet Zara, senior managing director of GE Antares, said in a statement. “We’re pleased to provide debt financing and a minority equity investment to Kohlberg in support of their acquisition. In partnership with management, Kohlberg will be a valuable strategic partner to PPC as they pursue further growth.”
Kohlberg & Company is headquartered in Mount Kisco, New York. Since its founding in 1987, Kohlberg has completed 63 investments and about 100 add-on acquisitions, with an aggregate transaction value of $9 billion. Kohlberg has invested $3 billion and is currently investing its seventh private equity fund, Kohlberg Investors VII.
GE Antares has offices in Atlanta, Chicago, Los Angeles, Toronto, New York, and San Francisco. The GE subsidiary is a mid-market lender that offers 'one-stop' financing solutions for mid-market private equity sponsors.