Boston, MA, April 28, 2006 - NewStar Financial, Inc. ("NewStar"), a Boston-based specialty finance company, announces that it has provided financing to support the acquisition of Decorative Components, Inc. ("DCI") by Altus Capital Partners ("Altus") of Westport, Connecticut.
NewStar was sole lender and administrative agent for the new $26.5 million senior credit facilities which included a $6.5 million, five-year revolving loan; an $11.0 million five-year amortizing term loan; and, a $9.0 million, five-year term loan. NewStar also participated in an $8.3 million mezzanine facility led by Calvert Street Capital Partners and Argosy Capital Partners.
"DCI is an exciting acquisition that gives the management team and Altus an opportunity to continue to expand the company and its proven platform," said Altus Founding Partner Elizabeth Burgess, who added that "the NewStar team proposed a strong financing structure and followed that up with a smooth execution."
NewStar's deal team for the transaction included Tim Shoyer, Rob Hornstein, Jeff Greene and Jason Andreotes.
Originally founded in 1956, Grand Rapids, Michigan based DCI is a worldwide leader in zinc die casting serving the gaming, transportation and building services industries. DCI operates a state of the art plant in its Grand Rapids headquarters while also maintaining long-term, strategic partnerships with various Asian sourcing agents.
About NewStar Financial, Inc.:
NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors including Capital Z Partners, JP Morgan Corsair Capital Partners and Och-Ziff Capital Management Group. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.
Gaffney Bennett Public Relations