CHICAGO–(BUSINESS WIRE)–Antares today announced record 2021 performance supporting the growth and refinancing initiatives of new and existing borrowers within the healthcare and technology sectors.
In 2021, Antares closed more than 90 transactions for middle market healthcare-focused companies, including over 25 new platforms, issuing nearly $7.8 billion in financing commitments. The firm’s healthcare portfolio has grown to consist of 120 companies across 77 private equity sponsors, an increase from 108 borrowers at the end of 2020.
Antares’ diverse healthcare portfolio consists of over 20 subsectors, including but not limited to, behavioral health, consumer-directed healthcare, dental and physician practice management, home health and hospice, medical devices and supplies, payor services, pharmacy and pharma services, primary and urgent care, veterinary care, and women’s health.
“Antares’ consistent and reliable approach allowed our sponsor clients to navigate a record level of deal activity within healthcare in 2021, often working under accelerated transaction timelines that required the in-house expertise of a lender such as Antares,” said Rich Davidson, managing director for Antares. “Our team has a deep understanding of the drivers of each of the healthcare subsectors that we are active in – something we believe sets us apart as lenders and is valued by our sponsors and borrowers.”
Within the technology space, Antares closed approximately 90 transactions in 2021, including more than 20 for new platforms, issuing $6.3 billion in financing commitments. Record activity allowed the firm to grow its diversified technology portfolio to 109 companies across 59 private equity sponsors.
“Annual recurring revenue lending activity in support of software companies was particularly strong in 2021,” said Matthew Fleming, managing director for Antares. “The structure allows our sponsors to invest in the growth of these highly revenue recurring companies without the pressures of a traditional EBITDA-based loan, while also providing Antares with a solid risk reward investment opportunity. Then, as these companies grow, we continue to support their needs through our differentiated product set including unitranche as well as broadly syndicated loans.”
Healthcare and technology deals each represented nearly 20 percent of Antares’ unique pipeline of opportunities in 2021, making it the firm’s most active year supporting the needs of middle market healthcare and technology borrowers. Another highlight of the year included Antares’ ability to capitalize on the strength of its incumbency position as it continued to support 10 portfolio companies across its healthcare and technology portfolios as they transitioned sponsor ownership.
Select 2021 transactions in which Antares served as administrative agent include:
- 1st Lien Credit Facility to Affinity Hospice (LLR Partners)
- 1st Lien Credit Facility to Agape Care Group (Ridgemont Equity Partners)
- 1st Lien Credit Facility to Community Medical Services (FFL Partners and Two Sigma)
- 1st Lien Credit Facility to Crossroads Treatment Centers (Revelstoke Capital Partners)
- Unitranche Credit Facility to Eating Recovery Center (Apax Partners)
- Unitranche Credit Facility to OB Hospitalist Group (Kohlberg & Company)
- Unitranche Credit Facility to SpecialtyCare (Morgan Stanley Infrastructure Partners)
- 1st Lien Credit Facility to U.S. Endo Partners (Quad-C Management)
Technology & Software
- Unitranche Credit Facility to Abrigo (The Carlyle Group and Accel-KKR)
- Recurring Revenue Credit Facility to Alert Media (Vista Equity Partners)
- Unitranche Credit Facility to Corsearch with (Astorg)
- Unitranche Credit Facility to Drake Software (Cinven)
- Recurring Revenue Credit Facility to Intel 471 (Thoma Bravo)
- 1st Lien Credit Facility to Kipu Health (TCV)
- Recurring Revenue Credit Facility to Passageways (JMI Equity)
- Recurring Revenue Credit Facility to Ungerboeck (Cove Hill Partners)
With more than $50 billion of capital under management and administration as of December 31, 2021, Antares is a private debt credit manager and a leading provider of financing and investment solutions for middle-market private equity-backed borrowers and investors. Since its founding in 1996, Antares has built one of the industry’s largest and longest-tenured portfolios of middle market companies, and has been recognized by industry organizations as a leading provider of middle market private debt. Through its Asset Management & Funding team, Antares offers investors the opportunity to invest in collateralized loan obligations, funds and separately managed accounts. Antares is committed to championing middle market growth throughout market cycles. Doing so allows its people, partners and communities to achieve their full potential. 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, 2021, all figures are estimates and subject to change upon finalization.
Carol Ann Wharton