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 Capital
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