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Capital One Closes Credit Facility for Cove Hill Partners

July 17, 2019, 08:35 AM
Filed Under: Mergers & Acquisitions
Related: Capital One

Capital One announced today that it served as administrative agent for a senior secured credit facility to finance Cove Hill Partners’ acquisition of LiveAuctioneers. The transaction consists of a five-year revolver and a six-year term loan held by Capital One and funds managed by BlackRock, a global asset management company. The sponsor, Cove Hill Partners, manages a long-duration fund with more than $1 billion in commitments from its investors and founders and is focused on the technology and consumer sectors.

“The Capital One team and the BlackRock private credit team customized a deal structure that will support the company’s strategic initiatives going forward,” said Zack Kaplan, Managing Director and Co-Lead of Cove Hill’s Consumer Team. “We were very impressed by the expertise both institutions brought to the table.”

Founded in 2002, LiveAuctioneers is a two-sided online marketplace that allows buyers to search for and remotely participate in auctions held by over 1,200 auction houses in the United States and around the world. In 2018, the company facilitated over $200 million in transaction value.

“We’re excited to be working with the company and Cove Hill Partners,” said Michael Rhea, Managing Director for Capital One’s Technology, Media and Telecommunications (TMT) team. “LiveAuctioneers is a leader in its market, and partnering with Cove Hill Partners will provide greater resources to help drive continued growth.”

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