Credit Suisse is leading syndication of $385 million in loans backing the acquisition of Olympia by an affiliate of Boca Raton, Fla.-based Sun Capital Partners. Sun Capital is buying a majority interest in Olympia Group, the parent company, from the company's founder, Arthur Zakarian. The deal consists of a three-year, $50 million revolver; a five-year, $255 million term loan "B" and a six-year, $80 million second-lien loan. Pricing could not be determined.
Syndication of the deal is expected to launch at a bank meeting tomorrow. The acquisition of Olympia was agreed upon June 8. Based in City of Industry, Calif., Olympia Group designs, imports and distributes tools and gardening products for professional and consumer users. Olympia currently provides over 7,000 products under nine brand names. Calls to Olympia Group were not returned. A spokesman at Sun Capital declined to comment.