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GE Antares Capital Provides $93MM Facility in Wellspring’s Acquisition

November 18, 2014, 07:26 AM
Filed Under: Distribution

GE Antares, a unit of GE Capital, announced it is serving as administrative agent on a $93 million senior secured credit facility to support the recent acquisition of Qualitor, Inc. by Wellspring Capital Management. In addition, GE Antares provided a minority equity investment. GE Capital Markets served as lead arranger and bookrunner on the credit facility.

Headquartered in Southfield, Michigan, and previously owned by HCI Equity Partners, Qualitor is a diversified supplier of aftermarket parts for the automotive and heavy duty truck industries. The company's products include brake components, wiper blades, engine control devices and heavy-duty truck parts.

“We’re very happy to be financing another acquisition by Wellspring,” said Chet Zara, senior managing director of GE Antares. “We have known Qualitor for several years under prior ownership, and we look forward to supporting the growth plan being pursued by Wellspring and management.”

“GE Antares’ familiarity with Qualitor and the automotive aftermarket, certainty of execution and middle market expertise made them an ideal lender for this transaction,” said John Morningstar, a managing partner at Wellspring. “We look forward to continuing our longstanding relationship with the team at GE Antares.”

Qualitor, Inc. is a leading diversified supplier of aftermarket safety and wear parts for the automotive and heavy duty truck industries. Through six North American locations and two business units, Qualitor provides wiper blades and auto care accessories (Pylon) and brake hardware and related components (International Brake Industries) to the automotive aftermarket.

Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The firm’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources.

GE Antares is a unit of GE Capital. With offices in Atlanta, Chicago, Los Angeles, Toronto, New York, and San Francisco, GE Antares is a leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. GE Antares was recognized by Private Debt Investor and Private Equity International as 2013 Lender of the Year, North America and Mid-Cap Lender of the Year, North America, respectively.

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