General Electric Company (NYSE:GE)’s GE Antares (a part of GE Capital), recently announced that it is acting as the administrative agent in a deal between Harbour Group and Phillips & Temro Industries (also called PTI). GE Antares shall be fulfilling this role on the senior secured credit facility in order to assist the acquisition of PTI by the former. On this arrangement, GE Capital Markets is serving as the joint book-runner and joint lead arranger.
PTI’s new chapter
Minneapolis –based PTI primarily deals in controls and management systems, mainly for gasoline engines and diesel engine platforms. It is renowned on the global level for selling exceedingly engineered components which are built for the purpose of unique applications.
Calling it a new chapter of the company, the CEO and President of Phillips & Temro Industries, Butch Sumpter said that this will serve as a great new start in associating the company’s history with GE and Phillip.
PTI to benefit from the deal
The Harbour Group will facilitate the operational knowledge to the conjunction company, while General Electric Company (NYSE:GE) shall offer a positive push to PTI’s growth. According to Butch Sumpter, this will benefit the employees as well as the customers of Phillips & Temro Industries.
GE’s Association: A Positive Impact on PTI and Harbour
The Harbour Group’s CEO, Jeff Fox explained that the familiarity of GE Antares with the target audience of PTI and the company itself made them a good choice for finance in this transaction. GE Antares, it must be seen, knows in and out of the markets that PTI serves.
It has remained associated with GE since 2011. The Managing Director of this company, Katie Hockman, explains that PTI has shown “impressive growth” ever since 2011. At the same time, Katie Hockman said, PTI has continued to retail the product quality, and it is renowned on the global platform for this.