Boston, MA, February 1, 2006 - NewStar Financial, Inc. ("NewStar"), a Boston-based specialty finance company, announces that it has provided $15.3 million in financing to support the acquisition of Lawrence Metal Products ("LMP") by UK-based Tensator Group Limited ("Tensator").
Tensator, founded in 1954, is the market leader in supply/installation of retractable barriers and electronic queue technology with offices in London, Frankfurt, and Dubai. LMP, based in Bay Shore, NY, was a third-generation company exclusively licensed to manufacture and supply Tensator products throughout North America. As a result of the acquisition, Tensator now has a global market share of approximately 55% with products sold primarily under the Tensabarrier® brand and including retractable barriers, electronic queue management, post & rope, and custom solution products.
NewStar acted as Sole Lender and Administrative Agent for the $15.3 million in senior secured facilities comprised of a four-year $6.0 million revolver and a five-year $9.3 million term loan.
"NewStar's experience and flexibility were very helpful in executing this deal quickly," said Jeremy Williman, CEO of Tensator. "The deal team was able to address each of our concerns throughout the transaction and were truly a value-added partner."
NewStar's deal team for this transaction included Mark Cordes, Rob Hornstein, Michael Purcell, and Jim Synborski.
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