Release date: 2010-04-20
 

GE Capital Provides Financing to Leading Specialty Baker
 

(PRZOOM - Press & Newswire) —  Chicago, IL, United States, 2010-04-20 - GE Antares Capital, announced it served as administrative agent for a senior secured credit facility in conjunction with the acquisition of Caravan Trading Company by Sterling Foods, Ltd (NYSE: GE)

   
 

GE Antares Capital, a unit of GE Capital, announced it served as administrative agent for a senior secured credit facility in conjunction with the acquisition of Caravan Trading Company by Sterling Foods, Ltd., an existing portfolio company of TGF Management Corp. and Austin Ventures. Proceeds of the new facility were used to finance the acquisition, refinance Sterling’s existing senior credit facility and to provide for general ongoing working capital needs. GE Capital Markets served as lead arranger and sole bookrunner on the transaction.

Founded in 1971, Sterling is a leading supplier of baked goods, as well as a provider of gourmet bakery items to the food service and retail industries. Based in San Antonio, TX, Sterling's products include a wide variety of specialty and gourmet baked products such as brownies, cakes, cookies, snack breads, soft pretzels, muffins, scones, pizza crusts and biscuits.Sterling is the largest supplier of shelf stable bakery products to the military, and also provides products to the K - 12 educational market, weight management industry and other specialty commercial markets.Its products are also sold in nationally recognized restaurant chains, leading supermarkets and club stores.

About TGF Management Corp.
Austin, Texas-based, TGF Management Corp. is one of the oldest and most active private equity firms in the Southwest, focusing on partnering with management teams and operational executives in the acquisition of middle market companies. Since 1992, TGFM has invested in over 40 companies with combined revenue in excess of $3.5 billion. TGFM currently manages in excess of $700 million on behalf of the Texas Growth Fund, and its latest private equity fund, Southwest Opportunity Partners, L.P.

About Austin Ventures
Austin Ventures has worked with talented entrepreneurs and executives to build valuable companies for nearly 25 years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With a focus on business services, information services, integrated media, computer and communications hardware, enterprise software and special situations, AV invests at all stages of company development, from $100,000 "planned experiments" in early stage ideas to $100+ million investments in expansion rounds, minority recapitalizations, and buyouts of middle-market growth companies.

About GE Antares Capital
GE Antares (geantares.com) 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.

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 (@GECapital). GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide.

   
 

Agency / Source:

 
 
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  Related Link: http://www.genewscenter.com
 Contact name: Ned Reynolds - GE Capital Americas
  Related Link:
 Contact: 203-229-5717 / ned.reynolds[.]ge.com
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