GE Capital, Corporate Finance today announced it is co-administrative agent on a $145 million cash flow-based credit facility for Vigor Industrial LLC, a ship building and repair company. The loan is being used to support the acquisition of Todd Shipyards Corporation, a ship repair and maintenance company. GE Capital Markets served as co-lead arranger.
Based in Portland, OR, Vigor Industrial provides ship construction, repair and conversion, barge building, industrial coating, machining, industrial real estate, and fabrication services. Todd Shipyards repairs, maintains, overhauls and rebuilds government-owned and commercial vessels. The acquisition of Todd makes Vigor the largest ship repair and building business in the Pacific Northwest.
“GE Capital’s in-depth marine industry knowledge and environmental expertise was invaluable during this transaction,” said Frank Foti , president of Vigor Industrial LLC. “In addition to providing us with capital to help expand our business, they also gave us insights into GE best practices on acquisition integration to support our strategy.”
“We go beyond providing capital to help our customers succeed,” said Tom Quindlen , president and CEO of GE Capital, Corporate Finance. “Access to GE’s institutional best practices, tailored financing options and deep industry expertise means smarter capital for our clients.”
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Source: GECapital, April 15, 2011: Image: Vigor Industrial