The Deal.com

Code Hennessy & Simmons LLC has invested in a recapitalization of bird feeder and rodent control products maker Woodstream Corp., a portfolio company of Brockway Moran & Partners Inc.
No deal value has been disclosed, but with roughly $240 million of debt financing, it appeared likely the recap values Woodstream at more than $300 million.

GE Antares Capital said in a statement it is providing a $143.75 million senior term loan and a $65 million senior revolving credit facility. Allied Capital is providing $97.5 million of subordinated debt and equity, an Allied spokeswoman said.

Brockway Moran, Code Hennessy and management are investing equity, GE Antares said in its statement, issued Tuesday, Sept. 4. Code Hennessy, a Chicago private equity firm, said Aug. 22 that it had completed its investment but did not disclose the deal value, the terms or its stake.

Lititz, PA. -based Woodstream markets natural animal care and pest products. They range from low-toxicity pest control products for gardeners to bird feeders, electrified livestock fences and Havahart humane rodent traps.

The company also makes straightforward rodent poison and the classic Victor mouse trap.

Boca Raton, Fla.-based Brockway Moran bought Woodstream in 2003 in a deal valued at roughly $100 million and has built the company up through acquisitions. In 2005 it added Fi-Shock Inc., which makes electric fencing for cattle and other animals, and Colibri Holding Corp., a maker of bird feeders and plant-care accessories. This April, Woodstream bought the Mosquito Magnet bug trap brand from bankrupt American Biophysics Corp.

In 2005, Brockway Moran engineered a $121 million recap of Woodstream to finance the Fi-Shock purchase and pay a dividend to the buyout firm that returned about two-thirds of its original equity investment.

Kirkland & Ellis LLP's Sanford Perl and Norbert Knapke were counsel to Code Hennessy.

Brockway Moran general counsel Peter Klein handled the deal for his firm. Paul Rogalski and David Wierman of Robert W. Baird & Co. provided a fairness opinion to Woodstream.

Officials at Brockway Moran and Code Hennessy did not return calls.