Golub Capital Provides Financing in Support of Harbour Group Industries’ Recapitalization of Watchfire and SloanLED
NEW YORK, June 10, 2011 /PRNewswire/ — Golub Capital announced today that it has provided Senior Subordinated Notes in support of the recapitalization of Time-O-Matic, Inc. ("Watchfire") and The Sloan Company, Inc. ("SloanLED") by Harbour Group Industries, Inc. ("Harbour Group").
Headquartered in Danville, IL, Watchfire designs, manufactures and markets digital LED signs and related software and services for a variety of outdoor commercial applications, including On-Premise signs and Digital Billboards. Watchfire is the first company in the digital sign and billboard industry to obtain UL Greenleaf Certification, making theirs the most energy efficient LED signs available.
Backed by over 50 years of lighting experience, Ventura, CA-based SloanLED designs, manufactures, and markets LED lighting systems for use in commercial and industrial applications for signs, spas, retail displays and refrigeration units. With a European sales office in The Netherlands, SloanLED is positioned to support multiple market locations and manage cost and manufacturing throughout the world.
"SloanLED and Watchfire have exhibited exceptional performance throughout their operating history, specifically through the most recent recession. With their market leadership and differentiated products and services, both SloanLED and Watchfire are nicely positioned to capitalize on the attractive market dynamics within the LED lighting industry. The Harbour Group and Management team are world class operators, and we are excited to partner with them in support of this recapitalization," stated Charlie Riceman, a Golub Capital Managing Director.
"We have worked with Golub Capital on a number of transactions in the past, including our initial acquisition of SloanLED. Consistent with our past experiences, Golub's ability to offer value-added financing solutions across any part of the capital structure allowed us to quickly have certainty around the structure for this transaction. We look forward to closing additional transactions with Golub in the future," said Mike Santoni, Chief Financial Officer at Harbour Group.
About Golub Capital
With $4.8 billion in capital under management, Golub Capital is a leading provider of financing solutions for the middle market, including GOLD (one-loan) financings (through the firm's proprietary GOLD facility), senior, second lien, and subordinated debt, preferred stock and co-investment equity. The firm also underwrites and syndicates senior credit facilities up to $200 million. Golub Capital's hold sizes range up to $100 million per transaction. Golub Capital is currently ranked by Thomson Reuters Loan Pricing Corporation as a top 3 Traditional Middle Market Bookrunner. Golub Capital was named "Middle Market Lender of the Year" by Buyouts Magazine for two years in a row in 2009 and 2010. The firm was also honored as "Debt Financing Agent of the Year" by M&A Advisor in 2010. Golub Capital is a national firm with offices in Chicago, New York and Atlanta. For more information, please visit the firm's website at golubcapital.com.
About Harbour Group Industries, Inc.
Harbour Group is a privately owned company based in St. Louis, Missouri. Harbour Group and its operating companies are engaged in manufacturing, distribution, and specialty services in multiple industries, including specialty LED systems, automotive-enthusiast products, decorative kitchen and bath hardware, abrasives, diamond cutting products and related tools, same-day specialty delivery services, entertainment and music products, and auxiliary plastic processing equipment. Since its founding in 1976, Harbour Group has acquired 166 companies in 34 different industries. For more information on Harbour Group, visit harbourgroup.com.
SOURCE Golub Capital