Daymen Group, owner of local photo products distributor Maxwell International Australia Pty Limited has reached an agreement with a group of lenders led by GE Antares, a unit of GE Capital, to invest additional capital into the business.
Daymen said the new funding ‘significantly increases the financial flexibility of DayMen and will allow the company to accelerate investment in the business across its Lowepro, Joby, and Acme Made brands.’
GE Antares and the management group acquired the additional equity in Daymen from the previous principal shareholder, another US-based private equity firm.
‘This agreement provides us with increased free cash flow that will be used to further enhance our customer experience through continued product innovation and brand marketing activities,’ said Daymen CEO, Paul Crawley.
GE Antares will increase its minority equity ownership in DayMen as part of the transaction to become majority shareholder, and will continue to serve as administrative agent for the senior secured credit facility and new $10 million revolving credit facility.
‘We are delighted that this new chapter in our parent company’s ownership will enable us to further enhance our distribution of Lowepro, Joby and Acme Made imaging products, as well as our leading partner brands from third party suppliers for our retail customers in Australia,’ said John Swainston, managing director of Australian DayMen subsidiary, Maxwell International Australia Pty Ltd.
This year has proven a volatile one for camera bag manufacturers. Midway through 2014 Daymen competitor, Tamrac, was acquired by another US bag manufacturer, Gura Gear, after seeking Chapter 11 bankruptcy protection earlier in the year.