CHICAGO--(BUSINESS WIRE)--Antares today announced that it closed more than 220 transactions in 2020, issuing nearly $14 billion in financing commitments to middle market private equity-backed companies. In a record Q4, the firm closed 120 transactions with commitments of $9.3 billion, supporting the refinancing, leveraged buyout and add-on acquisition activity of both new and existing borrowers.
“In a year of unforeseen challenges, we’re very pleased with how our borrowers and PE sponsors delivered,” said David Brackett, CEO of Antares. “The quality and strength of our portfolio was tested and it performed very well. Weighted average EBITDA is up approximately 6 percent across the portfolio and defaults were less than 0.5 percent for the year, illustrating the resilience of the private debt space and the power behind solid credit discipline and PE sponsor support.”
The reliability and breadth of Antares’ execution and product capabilities along with its tenured relationships with private equity sponsors enabled the firm to grow its portfolio to over 485 borrowers in 2020, a 5 percent increase over 2019. The firm maintains one of the largest portfolios of middle market PE-backed companies in the industry.
“Over 70 percent of our financings in 2020 were in support of our portfolio companies,” continued Brackett. “When new market opportunities slowed significantly, we maintained a steady flow of activity as we continued to execute on behalf of our existing borrowers.”
Also during 2020, Antares grew its capital under management and administration to approximately $30.8 billion* and continued to diversify its funding sources. Highlights from 2020 include launching and closing an inaugural Senior Loan Fund two times over its initial target, closing Antares’ seventh and eighth CLOs, bringing the company’s total CLO assets under management to approximately $7.6 billion, as well as bringing on a sizable and strategic separately managed account.
“The private debt asset class has performed well to date during an unprecedented stress test,” said Vivek Mathew, head of asset management and funding for Antares. “Antares is highly selective and committed to rigorous underwriting and portfolio diversity, which investors value. We made significant progress in diversifying our investor base during a challenging market environment and anticipate continued growth of our asset management platform in 2021.”
The continued success of Antares’ asset management platform coupled with the growth of its balance sheet has allowed the firm to manage even larger positions per transaction. Sizes vary by deal but range from approximately $50 million to in excess of $400 million. Additionally, through its market leading Capital Markets platform, Antares continues to serve sponsor needs to access the institutional loan market.
Select 2020 transactions in which Antares served as administrative agent and lead-left arranger include:
- $1.67 billion 1st lien credit facility to ProAmpac (Pritzker Private Capital)
- $1.43 billion 1st lien credit facility to Galway Insurance (Harvest Partners, Oak Hill Capital Partners, The Carlyle Group)
- $300 million unitranche credit facility to St. Croix Hospice (H.I.G. Capital)
- $275 million senior credit facility to Tinuiti (New Mountain Capital) (New Mountain Capital)
- $177 million 1st lien credit facility to Integrated Power Services (Odyssey Investment Partners)
- 1st lien credit facility to 365 Retail (Providence Equity Partners)
- 1st lien credit facility to AWP (Kohlberg & Company)
- Unitranche facility to Kele (The Stephens Group)
- 1st lien credit facility to Solaris Health (Lee Equity Partners)
- 1st lien credit facility to Vessco (Gryphon Investors)
With approximately $30.8 billion* of capital under management and administration as of December 31, 2020, Antares is a private debt credit manager and leading provider of financing solutions for middle-market private equity-backed transactions. In 2020, Antares issued approximately $14 billion in financing commitments to borrowers through its robust suite of products including first lien revolvers, term loans and delayed draw term loans, 2nd lien term loans, unitranche facilities and equity investments. Antares’ world-class capital markets experts hold relationships with more than 400 banks and institutional investors allowing the firm to structure, distribute and trade syndicated loans on behalf of its customers. Since its founding in 1996, Antares has been recognized by industry organizations as a leading provider of middle market private debt. The company maintains offices in Atlanta, Chicago, Los Angeles, New York and Toronto. Visit Antares at www.antares.com or follow the company on LinkedIn at http://www.linkedin.com/company/antares-capital-lp. Antares Capital is a subsidiary of Antares Holdings LP, (collectively, “Antares”).
*As of December 31, 2020, all figures are estimates and subject to change upon finalization. Approximate invested and available capital (including on balance sheet, through joint ventures, contract investor programs and advised clients).