GE Capital is Administrative Agent on an Additional $200 Million for Waupaca Foundry, Inc.
GE Capital, Corporate Finance today announced it is administrative agent on an incremental $200 million credit facility to Waupaca Foundry, Inc. The funds were used to support a dividend recapitalization. GE Capital Markets served as lead arranger for the transaction. GE Capital has been a lender to the company since serving as administrative agent on a $485 million acquisition financing announced in June 2012.
Headquartered in Waupaca, WI, Waupaca Foundry is one of the largest iron foundry companies in the world. It produces gray and ductile iron castings for the automotive, agriculture, construction and commercial-vehicle markets. The company operates six manufacturing facilities located in Wisconsin, Indiana and Tennessee. KPS Capital Partners, LP, a private equity firm with over $2.5 billion of assets under management, is the manager of the KPS Special Situations Funds. KPS acquired Waupaca Foundry, Inc., at the time named ThyssenKrupp Waupaca, Inc., in June 2012.
“GE Capital specializes in providing business-building capital to middle-market companies,” said David Shapiro, managing partner at KPS Capital Partners. “As Waupaca Foundry continues to grow, it's critical we have a lender who can support the company and adapt financing structures to match its growth profile.”
“With deep automotive, manufacturing and metals expertise, we were able to quickly provide Waupaca Foundry with additional financing,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “Working closely with customers to provide growth capital as they evolve is our specialty.”
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