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Middle Market Growth Program Supports Nautic Partners’ Acquisition

March 23, 2016, 07:09 AM
Filed Under: Construction

The Middle Market Growth Program (MMGP), jointly managed by Antares and LStar Capital, has closed a senior secured unitranche credit facility to support the equity investment of Nautic Partners LLC in Response Team 1 (RT1).
Headquartered in Wheeling, IL, Response Team 1 is a national provider of property restoration and renovation services with over 40 locations across the U.S. RT1’s mitigation and structural restoration services, which are primarily insurance-paid, are performed following water, fire, and storm damage at single-family, multi-family, and commercial properties. The company also provides high volume renovation services to REITs and large multifamily property operators.

“We greatly value our longstanding relationship with Antares and LStar. Their MMGP solution worked well in the RT1 transaction because it provided expedient, reliable financing to support our investment,” said Doug Hill, managing director of Nautic Partners.

“We have a long, successful history with Nautic Partners, and we were pleased to utilize our unitranche offering as a way to meet their needs,” said Dan Barry, senior managing director of Antares Capital. “Response Team 1 is a well-regarded national brand and we look forward to working with Nautic and the Response Team 1 management team as they pursue continued growth for the business.”

MMGP provides private equity sponsors and borrowers with access to first lien unitranche loans. MMGP does not require rating agency meetings or a syndication process so deals can close in as little as three weeks.

Nautic is a middle-market private equity firm that focuses on three industries: healthcare, industrial products, and outsourced services. Nautic has completed over 120 platform transactions throughout its 30-year history. Nautic’s strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions, targeted operating initiatives, and increased management team depth. Nautic generally makes equity investments of $25 to $100 million.

LStar Capital is the credit affiliate of Lone Star Funds, a global private equity firm that invests in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized fifteen private equity funds with aggregate capital commitments totaling over $60 billion. 

Antares Capital is the leading provider of financing solutions for middle-market, private equity-backed transactions with offices in Atlanta, Chicago, Los Angeles, New York, Norwalk (Connecticut) and Toronto. Antares has facilitated more than $120 billion in financing over the past five years, and was named 2015 Dealmakers of the Year by Mergers & Acquisitions. Antares was also recognized as 2014 Lender of the Year by Mergers & Acquisitions and was 2013 Lender of the Year, North American and Mid-Cap Lender of the Year, North America by Private Debt Investor and Private Equity International, respectively.

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