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GE Antares Capital Retains Top Position as Lender to Mid Market PE-Backed Companies

January 12, 2015, 08:05 AM
Filed Under: Industry News

GE Antares, a unit of GE Capital, announced today it closed more than 200 senior loan transactions with corporate borrowers across 88 private equity firms, including 62 new platforms, totaling more than $27 billion in financing in 2014, making it the most active lender to private equity-backed companies in the middle market.

“In 2014, our focus was on providing our clients with flexible financing structures along with consistent, reliable commitments,” said John Martin, president and CEO of GE Antares Capital. “Additionally, through our unique value-creating collaboration, the Access GE program, we partner our clients up with GE’s industrial businesses and its global research labs to help mid-market borrowers realize new growth opportunities.”

In addition, GE Antares closed $2.5 billion in commitments in 2014 through the Senior Secured Loan Program (SSLP), jointly managed by an affiliate of Ares Capital Corporation and an affiliate of GE Capital. Since January 2010, the SSLP has committed approximately $16.8 billion to middle market borrowers, most of it in the form of unitranche loans that provide clients with faster closings using simpler loan structures.

“Despite ongoing economic uncertainty, the U.S. midmarket continues to be a key engine of growth for the economy,” commented Martin. “We are committed to helping this critical segment of our economy continue to innovate and succeed and will look to continue to deliver beyond the deal, connecting our clients to GE’s deep industry expertise, such as in the aerospace, technology and energy sectors.”

In 2014, GE Antares held 330 one-on-one Access GE engagements, touching 280 unique borrowers who leveraged GE’s global insights, resources, tools and best practices. Through GE Antares’ partnership with the GE Global Research Center (GRC), one of the world’s first industrial labs, and GE’s industrial businesses, GE Antares originated 60 potential joint R&D projects, new supplier relationships and licensing partnerships with private equity clients and their portfolio companies.

Expanding its coverage of sponsors serving the lower middle market, GE Antares added three senior bankers in 2014 who closed lower midmarket transactions totaling $250 million.

Examples of 2014 loan transactions:

Institutional Shareholder Services, Inc.

GE Antares served as administrative agent on a $260 million senior secured credit facility to support the acquisition of Institutional Shareholder Services (ISS) by Vestar Capital Partners. Headquartered in New York, NY, ISS is the leading global provider of corporate governance solutions for asset managers, asset owners, and corporations, employing approximately 700 people globally with 15 offices in 10 countries.

"GE Antares did an outstanding job executing this first and second lien financing," said Andy Cavanna, managing director of Vestar Capital Partners. "We knew GE would be an excellent financing partner for ISS given their capital markets expertise as well as their institutional experience in corporate governance."

Technimark, LLC

GE Antares served as administrative agent on a $251 million senior credit facility to support The Pritzker Group’s acquisition of Technimark, LLC. Founded in 1983, Technimark is a plastic injection molder of packaging for consumer products and industrial components.

Gulfstream Services, Inc.

GE Antares served as administrative agent on a senior secured credit facility to support the acquisition of Gulfstream Services, Inc. by The Jordan Company, L.P., in partnership with the existing management team. Founded in 1978 as Bayou Pump Rentals, Gulfstream Services, Inc. is an oilfield rental tools & services company that specializes in pressure control equipment, cementing systems, wireline support and decommissioning equipment.

“GE’s extensive expertise in the oil & gas industry and flexible financing structures made them the ideal lender on this transaction. Their ability to move quickly also helped us land a swift execution,” said Pete Suffredini, vice president at The Jordan Company.

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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