New York, February 3, 2020 – Behrman Capital, a private equity investment firm based in New…
NEW YORK, February 5, 2004 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that it has completed a $192.5 million recapitalization for ILC Industries, Inc. Behrman Capital and Chief Executive Officer Clifford Lane acquired ILC through a $303 million transaction in April 2003.
Under terms of the recapitalization, ILC has obtained a senior secured term loan facility consisting of a $17.5 million revolving credit facility, a $115 million first lien term loan and a $60 million second lien term loan.
“We are very pleased with the success of this leveraged recapitalization,” said Grant G. Behrman, Managing Partner of Behrman Capital. “ILC’s strong performance in 2003, which was significantly better than our internal plan, helped us to establish an improved capital structure. Consequently, the Company will have significantly increased financial flexibility and additional resources to continue its growth and expansion. In addition, the transaction will generate a distribution to the Behrman-led investor group of approximately $30 million, or over 25% of the original equity investment made less than a year ago. We are particularly pleased that Behrman Capital’s Limited Partners will benefit through a transaction that also provides ILC significantly expanded financial resources.”
In conjunction with the transaction, ILC has repaid the entire outstanding balance on its existing $121 million senior secured credit facility and retired the entire balance of its mezzanine financing — $55.7 million of senior subordinated notes.
UBS Investment Bank served as sole arranger and book runner for the offering. The financing is being provided by a consortium of lenders including UBS Investment Bank, General Electric Capital Corporation, and The Royal Bank of Scotland, PLC. Latham and Watkins acted as legal advisor to Behrman Capital for the transaction.
ILC Industries, Inc., a privately held company based in Bohemia, New York, has two operating subsidiaries: Data Device Corporation, a manufacturer of microelectronic components for the aerospace and defense industries, and ILC Dover, a manufacturer of advanced softgood materials for unique space, military, homeland security and commercial applications.
Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Darryl G. and Grant G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth companies and provides expansion capital to emerging growth companies. The company’s investments are focused primarily in four industries: information technology, business services, contract manufacturing, and outsourcing. The firm currently has a combined capital base exceeding $1.8 billion.
# # #
For Behrman Capital:
David Lilly / Michael Freitag
Kekst and Company