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GE Antares Provides $124.5MM to Support Acquisition of Area Wide Protective

June 23, 2015, 07:21 AM
Filed Under: Specialty Industries

GE Antares is serving as administrative agent on a $124.5 million senior secured credit facility to support the acquisition of Area Wide Protective (AWP) by The Riverside Company. GE Capital Markets served as joint lead arranger and joint bookrunner on this facility.

Headquartered in Kent, OH and founded in 1993, AWP offers temporary traffic management solutions to a variety of customers, including utilities, utility contractors and telecommunications companies.

“We have a long-standing relationship with the team at GE Antares and are happy to have worked with them on this transaction. Their industry expertise and certainty of execution makes them an ideal financing partner,” said Chris Jones, partner of The Riverside Company.

“Riverside’s operational heritage and expertise combined with AWP’s deep customer loyalty will pave the way for an even better organization,” said Brian Polomsky, a managing director with GE Antares. "We are excited to support this acquisition and look forward to supporting management and Riverside as they grow.”

Area Wide Protective (AWP) is America's Traffic Control Leader, providing safe, professional, and comprehensive traffic management to a diversified client base throughout the Eastern United States. Daily, AWP deploys over 1,000 traffic control professionals to private contractors and major public utilities throughout 17 states, from Michigan to New Jersey, and South to Florida. A company-owned fleet of over 800 fully-equipped, late model pick-up trucks and specialty vehicles ensures that AWP delivers safe, compliant, and on-time traffic control equipment and services to every job site.

The Riverside Company is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $300 million. Since its founding in 1988, Riverside has invested in more than 390 transactions.

On June 9, 2015, GE announced it signed a definitive agreement to sell its U.S. Sponsor Finance business, which includes GE Antares, to Canada Pension Plan Investment Board (CPPIB). The transaction is expected to close in the third quarter of 2015. After the closing, the business will operate as Antares Capital.

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