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GE Capital provides financing to baked goods supplier

GE Antares Capital, a unit of GE Capital, has served as administrative agent for a senior secured credit facility in conjunction with the acquisition of Caravan Trading by Sterling Foods, an existing portfolio company of TGF Management and Austin Ventures.

Proceeds of the new facility were used to finance the acquisition, refinance Sterling’s existing senior credit facility and to provide for general ongoing working capital needs.

GE Capital Markets served as lead arranger and sole bookrunner on the transaction.

Founded in 1971, Sterling is a supplier of baked goods, as well as a provider of gourmet bakery items to the food service and retail industries. Based in San Antonio, Texas, Sterling’s products include brownies, cakes, cookies, snack breads, soft pretzels, muffins, scones, pizza crusts and biscuits.

Sterling is the largest supplier of shelf stable bakery products to the military and also provides products to the K – 12 educational market, weight management industry and other specialty commercial markets.

Its products are also sold in nationally recognised restaurant chains, supermarkets and club stores.

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