Hybrid Capital Team at Goldman Sachs Alternatives Provide Financing for Excelitas
NEW YORK, May 21 2024 – The Hybrid Capital team within Goldman Sachs Alternatives, recently invested $275mm of $570mm in holdco PIK (payment-in-kind) notes in Excelitas, a portfolio company of AEA Investors LP (AEA), to support a partial repayment of the existing senior credit facilities, and support a senior credit facility re-pricing.
Headquartered in Pittsburgh, PA, Excelitas is a leading industrial technology platform that provides sensing, detection, imaging and specialty illumination solutions to ~6,000 customers globally. Excelitas is a critical design partner to leading players across Life Sciences, Semiconductor, Industrial, IoT & Smart Building and Defense & Aerospace end-markets, with strong engineer-to-engineer collaboration to develop spec’d in solutions. The Company utilizes its advanced engineering and manufacturing capabilities to address global megatrends, including precision medicine, industrial automation, semiconductor production, the Internet of Things and military modernization. Excelitas has a demonstrated history of making acquisitions to enhance product offerings, expand its geographic footprint and diversify end-markets served. The financing transaction provides the Sponsor and management team with significant flexibility to pursue growth initiatives & M&A as well as unlock incremental equity value.
Founded in 1968 by the Rockefeller, Mellon and Harriman family interests and S.G. Warburg & Co., AEA is a middle-market private equity firm with over 120 investment professionals that operate globally across offices in New York, Stamford, San Francisco, London, Munich and Shanghai. The firm manages funds that have approximately $19 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies, growth capital and debt investments.
About Private Credit at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has more than $2.8 trillion in assets under supervision globally as of December 31, 2023.
Established in 1996, Private Credit at Goldman Sachs Alternatives is one of the world’s largest private credit investors with over $110 billion in assets across direct lending, mezzanine debt, hybrid capital and asset-based lending strategies. The team’s deep industry and product knowledge, extensive relationships and global footprint position the firm to deliver scaled outcomes with speed and certainty, supporting companies from the lower middle market to large cap in size.
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