PRZOOM - /newswire/ -
Chicago, IL, United States, 2015/06/22 - GE Antares, a unit of GE Capital, announced it is serving as administrative agent on a $171 million senior secured credit facility to support the acquisition of Area Wide Protective (AWP) by the Riverside Company - AWPTrafficSafety.com / GEAntares.com. NYSE: GE
GE Capital Markets served as joint lead arranger and joint bookrunner on this facility.
Headquartered in Kent, OH and founded in 1993, AWP offers temporary traffic management solutions to a variety of customers, including utilities, utility contractors and telecommunications companies.
“We have a long-standing relationship with the team at GE Antares and are happy to have worked with them on this transaction. Their industry expertise and certainty of execution makes them an ideal financing partner,” said Chris Jones, partner of the Riverside Company.
“Riverside’s operational heritage and expertise combined with AWP’s deep customer loyalty will pave the way for an even better organization,” said Brian Polomsky, a managing director with GE Antares. "We are excited to support this acquisition and look forward to supporting management and Riverside as they grow.”
About Area Wide Protective (AWP)
Area Wide Protective (awptrafficsafety.com) is America's Traffic Control Leader, providing safe, professional, and comprehensive traffic management to a diversified client base throughout the Eastern United States. Daily, AWP deploys over 1,000 traffic control professionals to private contractors and major public utilities throughout 17 states, from Michigan to New Jersey, and South to Florida. A company-owned fleet of over 800 fully-equipped, late model pick-up trucks and specialty vehicles ensures that AWP delivers safe, compliant, and on-time traffic control equipment and services to every job site.
About The Riverside Company
The Riverside Company (riversidecompany.com | riversideeurope.com) is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $300 million. Since its founding in 1988, Riverside has invested in more than 390 transactions. The firm’s international portfolio includes more than 80 companies.
About GE Antares Capital
On June 9, 2015, GE announced it signed a definitive agreement to sell its U.S. Sponsor Finance business, which includes GE Antares, to Canada Pension Plan Investment Board (CPPIB). The transaction is expected to close in the third quarter of 2015. After the closing, the business will operate as Antares Capital.
GE Antares (geantares.com) is a unit of GE Capital. With offices in Atlanta, Chicago, Los Angeles, New York, Norwalk, CT and San Francisco, GE Antares is the leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. Providing more than $123 billion in financing over the past five years alone, GE Capital was named 2014 Lender of the Year by Mergers & Acquisitions. GE Antares was also recognized by Private Debt Investor and Private Equity International as 2013 Lender of the Year, North America and Mid-Cap Lender of the Year, North America, respectively.
GE Capital offers customers around the globe an array of financial products, services and insights to help them grow their businesses.
GE (ge.com) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world.