Behrman Capital Portfolio Company Hunter Defense Technologies Acquires Bea Maurer, Manufacturer of Base-X Shelters.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Behrman Capital, a private equity investment firm based in New York and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , announced today that its portfolio company Hunter Defense Technologies, Inc., a manufacturer of military and homeland defense products, has acquired Bea Maurer, Inc., the privately held manufacturer of Base-X Expedition Shelters. Bea Maurer's senior management is also participating in this transaction, which has an aggregate value of approximately $80 million. Founded in 1981 and based in Fairfield, Virginia, Bea Maurer is a leading manufacturer of rapid-deploying tactical shelters for medical, communications and homeland defense uses. The company will operate as a subsidiary of Hunter under the name Base-X, Inc. It will continue to be based in Virginia under the leadership of its current management team. Based in Solon, Ohio Solon (pronounced Sew-len) is a city in Cuyahoga County, Ohio, and is a suburb of Cleveland in the Northeast Ohio Region, the 14th largest Combined Statistical Area in the United States. As of the 2000 census, the city population was 21,802. , Hunter is a leader in the design and manufacture of niche defense and homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States products. Its primary product lines include nuclear, biological and chemical collective protection air filters and air filtration systems for military and homeland security applications, as well as highly engineered heating equipment for military vehicles Military vehicles include all land combat and transportation vehicles, excluding rail-based, which are designed for or are in significant use by military forces. See also list of armoured fighting vehicles. , tents and shelters. "We are very pleased to be able to participate with Bea Maurer's management in this add-on transaction, which will further enhance Hunter's strong performance and prospects," said Grant G. Behrman, Managing Partner of Behrman Capital. "This acquisition transforms Hunter from a products company into a solutions provider, with an extremely high quality offering - the Base-X shelter system - as well as significant intellectual property, a strong management team and considerable growth opportunities." Vince Nardy, Chief Executive Officer of Hunter, said: "When we first partnered with Behrman Capital more than a year ago, our principal objectives were to continue to expand our production capacity, develop new products to meet the needs of our military customers and accelerate our growth in the homeland security market. This transaction helps us meet all of those objectives and will play an important role in driving future growth." "We are very excited to expand our relationship with Hunter and believe that the growth potential of the combined company is virtually unlimited," said Bea Maurer, President of the acquired entity. "We are also pleased to partner with Behrman Capital and appreciate their help in realizing all of our collective objectives." Behrman Capital also announced today that it has completed a $110 million recapitalization for Hunter. Under terms of the recapitalization, Hunter has obtained a $15 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility and a $95 million term loan. Proceeds from this recapitalization have been used to retire some of Hunter's existing debt and to help fund the acquisition of Bea Maurer. Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. Capital and Madison Capital Funding served as co-lead arrangers and joint book runners for the offering. The financing is being provided by a consortium of approximately 20 lenders. Goodwin Procter Goodwin Procter LLP is a law firm based in the United States, with a team of 750 attorneys serving clients through offices in Boston, Los Angeles, New York City, San Diego, San Francisco, Washington, D.C. and Palo Alto. LLP LLP - Lower Layer Protocol acted as legal advisor to Behrman Capital and Hunter for the Bea Maurer acquisition and Hunter recapitalization. Williams Mullen, Washington, DC, represented Bea Maurer and its stockholders in the transaction. Based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and San Francisco, Behrman Capital was founded in 1992 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth companies and provides expansion capital to emerging growth companies. 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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