New York, February 3, 2020 – Behrman Capital, a private equity investment firm based in New…
Behrman Capital Completes $410 Million Recapitalization for ILC Industries, Inc.
NEW YORK, June 29, 2006 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that it has completed a $410 million recapitalization for ILC Industries, Inc., a defense, aerospace and industrial products provider. This is the second recapitalization for ILC in less than a year. In September 2005, Behrman Capital completed a $337.5 million recapitalization for the company. Behrman Capital and Chief Executive Officer Clifford Lane acquired ILC through a $303 million transaction in April 2003.
The current recapitalization consisted of a $270 million first-lien term loan, a $110 million second-priority credit facility, and a $30 million unfunded revolving credit facility. UBS and GE Capital Corp. led the recapitalization of the first-lien term loan and GSO Capital Partners led the second-priority credit facility.
“Our ability to successfully complete two recapitalizations at ILC in less than a year is an indication of both ILC’s continued operational strength as well as its potential for growth,” said Grant G. Behrman, Managing Partner of Behrman Capital. “In partnership with Clifford Lane and the ILC management team, we have been able to realize meaningful liquidity for ILC’s investors, cumulatively returning almost 2.5 times our initial equity investment made in 2003, while preserving significant upside for the future. ILC will continue to pursue opportunities for growth and expansion within its niche markets of highly specialized products for aerospace, defense, homeland security and commercial applications. We look forward to continuing to work with the company as it strives to reach new milestones.”
Latham & Watkins LLP 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 Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are focused primarily in four industries: information technology, contract manufacturing, outsourcing, and healthcare. The firm currently has a combined capital base of $1.8 billion.
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For Behrman Capital:
David Lilly / Michael Freitag
Kekst and Company (212) 521-4800