{"id":656275,"date":"2013-05-06T09:37:46","date_gmt":"2013-05-06T13:37:46","guid":{"rendered":"https:\/\/www.pehub.com\/?p=200177"},"modified":"2013-05-06T09:37:46","modified_gmt":"2013-05-06T13:37:46","slug":"wellspring-recaps-api","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/656275","title":{"rendered":"Wellspring Recaps API"},"content":{"rendered":"

API Heat Transfer<\/strong>, a portfolio company of Wellspring Capital Management<\/strong>, has completed a recapitalization. The deal includes a new $300 million first-lien credit facility. The loan will enable API to pay a dividend to its investors, Wellspring says.\u00a0 Buffalo, N.Y.-based API is a supplier for the design and manufacture of industrial heat exchangers.<\/p>\n

PRESS RELEASE<\/p>\n

Wellspring Capital Management LLC (\u201cWellspring\u201d) announced today that its portfolio company API Heat Transfer (\u201cAPI\u201d or the \u201cCompany\u201d) has completed a recapitalization, including a new $300 million first-lien credit facility.\u00a0 The new credit facility will provide API with additional financial flexibility to invest in its business and enable the Company to pay its investors a dividend.<\/p>\n

William F. Dawson, Jr., a Managing Partner of Wellspring, said, \u201cAPI\u2019s ability to secure this new credit facility reflects the Company\u2019s strong performance under Wellspring\u2019s ownership.\u00a0 The Company\u2019s enhanced capital structure enables it to return capital to investors while pursuing a range of attractive growth opportunities.\u201d<\/p>\n

John E. Morningstar, a Partner of Wellspring, added, \u201cThe combination of API Heat Transfer and ThermaSys created a premier supplier of heat exchangers that is well positioned to provide its customers with the industry\u2019s best products and service.\u00a0 We are excited to continue our operational and financial support of API as the management team executes its business strategy.\u201d<\/p>\n

UBS Securities LLC, RBC Capital Markets and GE Capital Markets acted as Joint Lead Arrangers and Joint Bookrunners for the credit facility.\u00a0 UBS Securities LLC acted as Syndication Agent, RBC Capital Markets acted as Documentation Agent and General Electric Capital Corporation acted as Administrative Agent.<\/p>\n

About Wellspring Capital Management
\nWellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The firm\u2019s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources. For additional information, please visit www.wellspringcapital.com.<\/p>\n

About API Heat Transfer
\nAPI Heat Transfer is one of the world’s premier suppliers for the design and manufacture of industrial heat exchangers.\u00a0 API is comprised of six business units that together provide premium brands customers know and trust while providing industry-leading quality and reliability as well as the broadest heat transfer product offering in the market.\u00a0 The company is strategically positioned to serve nearly every end market with responsive, local, personalized service.\u00a0 Its range of heat transfer solutions includes innovative designs, performance engineering, and the industry’s best product development and testing capabilities.\u00a0 For more information, please visit www.apiheattransfer.com.<\/p>\n

The post Wellspring Recaps API<\/a> appeared first on peHUB<\/a>.<\/p>\n

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API Heat Transfer, a portfolio company of Wellspring Capital Management, has completed a recapitalization. The deal includes a new $300 million first-lien credit facility. The loan will enable API to pay a dividend to its investors, Wellspring says.\u00a0 Buffalo, N.Y.-based API is a supplier for the design and manufacture of industrial heat exchangers. PRESS RELEASE […]<\/p>\n","protected":false},"author":7426,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-656275","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/656275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/7426"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=656275"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/656275\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=656275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=656275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=656275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}