May 20 2007
GE Antares today announced it closed a transaction as administrative agent for a $52 million senior secured credit facility in the recapitalization of Kele, a portfolio company owned by Thompson Street Capital Partners. GE Capital Markets served as sole lead arranger.
The facility consisted of an $8 million senior secured revolving credit facility and a $44 million term loan.
Headquartered in Memphis, TN, Kele is a leading supplier of peripheral products and services to the building automation systems (“BAS”) industry. The company carries the most complete product offering in its industry.
“Kele’s broad and diverse product line and value-added services, including engineering, design and fabrication expertise, have contributed to the success of the company,” said Peter McWeeny, Senior Vice President of GE Antares. “Our in-depth knowledge of the Company allowed GE Antares to offer a flexible financing package.”
Harry Holiday, Managing Director of Operations at Thompson Street Capital Partners, added, “Given our operational momentum in recent years, we expect this successful refinancing will improve our financial flexibility. We appreciate GE’s responsiveness and support of Kele and our management team’s plans for growth.”