CHICAGO--()--Babson Capital Management LLC, a global investment management firm with more than $160 billion in assets under management and operations on four continents, today announced it provided senior debt to support Harbour Group’s investment in Onicon Inc.
“Harbour Group is pleased to work with Babson Capital on the Onicon acquisition”
Babson Capital was the sole lead arranger of senior debt on the transaction.
“Harbour Group is pleased to work with Babson Capital on the Onicon acquisition," said Jeff Fox, chairman and chief executive officer of Harbour Group. “This was a very fast process, roughly seven weeks from initial contact with the seller to closing, including two major holidays, and Babson Capital was extremely responsive and able to support this acquisition within our aggressive timeline. We are excited about the organic and acquisition growth opportunities for Onicon, and are confident that Babson Capital will be a strong partner for us going forward.”
Onicon designs and manufactures highly engineered energy measurement systems and flow- metering devices. These include BTU meters and turbine, electromagnetic, ultrasonic, thermal mass, and vortex flow meters for use in hydronic (water-based) heating/cooling systems as well as water, steam, gas, and compressed air applications. The company provides custom solutions calibrated to specific customer applications, delivering superior accuracy at a competitive price. Onicon was founded in 1987 and is based in Clearwater, Florida.
“Babson Capital is excited to partner with Harbour Group on the Onicon transaction,” said Ian Fowler, Managing Director and head of Babson Capital’s Middle Market Loan Group. “With its innovative products, proprietary technology, and superior customer service, Onicon is well positioned for success and we look forward to supporting the Company and their growth efforts.”
About Harbour Group
Harbour Group is a privately owned operating company based in St. Louis, Mo. Harbour Group and its companies are engaged in manufacturing, distribution, and specialty services in multiple industries, including boiler systems, professional diagnostic and repair tools, specialty LED systems, niche distribution, logistics services, decorative kitchen and bath hardware, automotive enthusiast products, abrasives, diamond-cutting products and related tools, entertainment and music products, and auxiliary plastic processing equipment. Since its founding in 1976, Harbour Group has acquired 172 companies in 37 different industries. www.harbourgroup.com.
About Babson Capital
Babson Capital Management LLC and its subsidiaries serve institutional investors around the globe and have over $160 billion in assets under management as of December 31, 2012. Through proprietary research and a focus on investment fundamentals, we develop products and strategies that leverage our broad array of expertise in global corporate debt markets, structured products, debt and equity financing for commercial real estate, and alternatives. The firm’s subsidiaries include Cornerstone Real Estate Advisers LLC and Wood Creek Capital Management, LLC. Babson Capital is a member of the MassMutual Financial Group and is on the web at www.BabsonCapital.com.