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Antares Maintains Top Spot in Supporting Sponsored Middle Market Growth

October 27, 2016, 07:18 AM

Antares announced it closed more than 183 senior loan transactions with corporate borrowers across 96 private equity firms, including 82 new platforms, totaling more than $11.6 billion in commitments through the first nine months of 2016 ending September 30th. According to Thomson Reuters LPC, Antares is the most active provider of capital solutions to private equity-backed companies in the middle market, with 24 percent market share by deal count.

“The middle market continues to be a growth engine for the U.S. economy, and we are finding ample opportunities to support solid companies with strong growth potential,” said David Brackett, managing partner and co-CEO of Antares Capital. “Although overall market volume is down, our volume, assets and market share have increased year over year. Since partnering with CPPIB we have been pleased by the support shown by our clients who continue to be drawn to us due to our strong capital base and track record delivering financing solutions through our own balance sheet or by utilizing our market leading Capital Markets capabilities.”

Antares maintains a broad, diversified core portfolio that has grown over 25 percent since January 2016. In fact, the firm is the number one lead arranger by deal count in 10 out of the 19 industries it supports, according to Thomson Reuters LPC, including technology, media and telecom (TMT), industrials and food, beverage and agribusiness. During the first three quarters of 2016, Antares has committed to $2 billion across 34 transactions within TMT.

Antares also remains actively focused on increasing market share in high growth sectors such as healthcare. Throughout the first nine months of 2016, Antares evaluated over 150 healthcare opportunities — 32 closed representing approximately $1.3 billion in commitments.

The Middle Market Growth Program (MMGP), jointly managed by Antares and LStar Capital, has also been popular with private equity sponsors and borrowers looking for simple and expedient access to first lien unitranche loans. Through the first three quarters of 2016, MMGP committed to more than $1.4 billion across 11 transactions.

“Looking forward, our pipeline is up 15 percent year over year, so we expect a strong end to 2016,” said John Martin, managing partner and co-CEO of Antares. “Even with macro headwinds such as interest rate uncertainty and the presidential election, we are optimistic about the health of the middle market. Throughout the remainder of the year, we expect to see modest M&A activity and a continuing surge in unitranche structures.”

Select recent senior secured transactions include:

Badger Sportswear
Facility size: $210 million
Sponsor: CCMP Capital Advisors, L.P.
Antares role: Administrative Agent and Lead Arranger

United Site Services
Facility size: $450 million
Sponsor: Calera Capital Advisors, L.P.
Antares role: Administrative Agent and Joint Lead Arranger

Facility size: $115 million
Sponsor: Bain Capital Private Equity
Antares role: Administrative Agent

Facility size: undisclosed
Sponsor: Accel-KKR
Antares role: Administrative Agent

CIBT Visas
Facility size: $327 million
Sponsor: ABRY Partners
Antares role: Administrative Agent and Lead Arranger

Vision Solutions (MMGP)
Facility size: $262.5 million
Sponsor: Clearlake Capital Group
Role: Administrative Agent and Lead Arranger

Antares Capital is a 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. Antares was named 2015 Dealmakers of the Year and 2014 Lender of the Year by Mergers & Acquisitions.

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