GE Antares Capital Finances Harbour Group’s Acquisition of Phillips & Temro Industries
March 27 2015 - 8:00AM
Business Wire
GE Antares, a unit of GE Capital, announced today it is serving
as administrative agent on a senior secured credit facility to
support the acquisition of Phillips and Temro Industries (PTI) by
Harbour Group. GE Capital Markets served as joint lead arranger and
joint bookrunner on this facility.
PTI, headquartered in Minneapolis, MN, is a global manufacturer
and supplier of thermal management systems and controls, primarily
for diesel and gasoline engine platforms. The company sells highly
engineered components built to unique application
specifications.
Butch Sumpter, president & CEO of PTI, commented, “We’re
thrilled to embark on the next chapter in PTI’s history with
Harbour Group and GE. The exceptional operational knowledge that
Harbour Group brings to bear in conjunction with the resources from
GE will have a very positive impact on our growth story -
benefiting both our employees and our customers.”
“GE Antares’ familiarity with PTI and the markets the company
serves made them an excellent financing choice on this
transaction,” said Jeff Fox, CEO at Harbour Group. “Consistent with
our past experiences, GE Antares continues to provide exceptional
service and a truly collaborative, flexible approach.”
“Since the start of our relationship in 2011, PTI has realized
impressive growth while retaining the exceptional product quality
that they’re known for,” said Katie Hockman, managing director of
GE Antares. "We are thrilled to partner with Harbour on this
acquisition and look forward to continuing to support management
and Harbour in this next chapter.”
About Phillips and Temro
Phillips and Temro Industries (PTI) is a global OEM and
aftermarket provider of custom engineered thermal systems and
solutions. Trucking, automotive, oil and gas and EV/hybrid are just
a few of the diverse markets that benefit from PTI's heating,
cooling, and electrification solutions. PTI manages the entire
process from concept design, prototyping and testing to delivery
with a focus on quality. PTI's portfolio of technologies is an
amalgamation of brands, including ZeroStart, Temro, Arctic Fox,
Idle Free and TruFlo.
About Harbour Group
Harbour Group is a privately owned, operations focused company
based in St. Louis, Mo. Harbour Group’s companies are engaged in
manufacturing and distribution in multiple industries, including
flow and energy measurement, boiler systems, professional
diagnostic and repair tools, specialty LED systems, niche
distribution, logistics services, decorative kitchen and bath
hardware, abrasives, diamond-cutting products and related tools,
entertainment and music products, and auxiliary plastic processing
equipment. Since its founding in 1976, Harbour Group has acquired
180 companies in 38 different industries.
About GE Antares Capital
GE Antares is a unit of GE Capital. With offices in Atlanta,
Chicago, Los Angeles, New York, Toronto 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. For more
information, visit geantares.com.
GE Capital offers customers around the globe an array of
financial products, services and insights to help them grow their
businesses. For more information, visit www.gecapital.com or follow
company news via Twitter (@GECapital).
GE (NYSE:GE) 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. www.ge.com
GE Antares CapitalAlexandra Abrams,
312-441-7356alexandra.abrams@ge.comorGE CapitalTara Lambropoulos,
312-441-7854tara.lambropoulos@ge.com
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