General Electric Company (NYSE:GE)’s GE Antares (division of GE Capital) recently announced that it will act as the administrative agent in the deal between Irving Place Capital and Bendon Inc. the company announced that it will facilitate the senior secured credit facility worth $138 million in order to assist Bendon, Inc.’s take over by the Irving Place Capital. Meanwhile, GE Capital was the joint bookrunner as well as the lead arranger in the deal.
The expanding GE Antares portfolio
GE Antares has a range of interesting deals in its portfolio. Addition of this Irving Place Capital- Bendon Inc. deal will lead to further expansion of its spectrum. Bendon was established in the year 2002 and deals in licensed as well as non-licensed activity and coloring products of children. Play packs, sets, kits, activity books and puzzles form a part of Bendon’s portfolio. GE Antares explains that by adding Bendon deal in its portfolio, it will expand and diversify the collection.
The senior VP of GE Antares, Gina Provenzale says that this was a welcome addition to the company. Gina added that Bendon has enduring and committing relations with customers as well as position in the product innovations. This will lead to company’s growth through acquisition as well as organically.
Meanwhile, the CEO of Irving Place Capital, John Howard said that the intension of GE Antares to underwrite the entire commitment of this deal as well as their hold position in the long-run made it a right choice for finance. He added that GE is the excellent financing partner in relation to this deal. The partnership of this kind with GE will facilitate further benefit to Irving Place Capital.
The partnership between General Electric Company (NYSE:GE) and Bendon through the way of finance will also benefit both the companies because Bendon has proven to be the market leader in its forte.