PETALUMA, Calif., Nov. 6, 2014 /PRNewswire/ -- DayMen Group (Luxembourg) S.a.r.l. ("DayMen" or the "Company"), a leading designer, marketer, and distributor of high performance branded bags, packs, cases, tripods, and straps designed to carry, protect, and enhance the functionality of digital imaging and related electronic devices, is pleased to announce that it has reached an agreement with its capital stakeholders to recapitalize the Company and to invest additional capital into the business to position itself for sustainable, long-term growth.
As part of the agreement, the senior lenders, led by GE Antares, a unit of GE Capital, as administrative agent, and management will collectively become beneficiary shareholders in the recapitalized DayMen. In addition, on November 6, 2014 the Company approved terms of a new $10 million revolving credit facility.
The recapitalization significantly increases the financial flexibility of DayMen and will allow the Company to accelerate investment in the business across its Lowepro®, JOBY®, and Acme Made® brands. "This is an exciting moment in the history of DayMen," said Chief Executive Officer, Paul Crawley. "We are extremely pleased to have reached an agreement with our partners that will provide the Company with funding to accelerate the execution of our successful business strategy. This agreement provides us with increased free cash flow that will be used to further enhance our customer experience through continued product innovation and brand marketing activities. Our customers, vendors, and employees will benefit from the reinforcement of DayMen's unique position as the preeminent brand for digital imaging electronic accessories protection."
GE Antares will increase its minority equity ownership in DayMen as part of the transaction and will continue to serve as administrative agent for the senior secured credit facility and new $10 million revolving credit facility. "The DayMen brands – Lowepro®, JOBY®, and Acme Made® – are market leaders that will become even stronger through this transaction," said John Martin, President and CEO of GE Antares. "We are confident that the new capital structure will provide the DayMen management team with the financial flexibility it needs to deliver strong performance and are excited to partner with management to execute on the Company's strategic growth initiatives."
About DayMen:
Since its inception in 1981, DayMen has enjoyed an exceptional reputation in the photographic and consumer electronics industry as an innovative designer, marketer, and distributor of high quality imaging products and accessories from Lowepro®, JOBY®, Acme Made®, and other third-party brands.
About GE Antares Capital:
GE Antares is a unit of GE Capital. With offices in Atlanta, Chicago, Los Angeles, New York, and San Francisco, GE Antares is a leading middle market lender, offering a "one-stop" source for GE's lending and other services offered to middle market private equity sponsors. GE Antares was 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 consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (https://twitter.com/GECapital).
SOURCE DayMen Group
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article