Antares Supports Harvest Partners’ Investment in Galway Insurance Holdings With $1.4 Billion in Credit Facilities
CHICAGO--(BUSINESS WIRE)--Dec 22, 2020--
Antares announced today that it served as joint lead arranger and is acting as administrative agent on $1.4 billion in senior secured credit facilities to support the recapitalization of Galway Insurance Holdings (“Galway”), the holding company for EPIC Brokers & Consultants (“EPIC”) and JenCap Holdings (“JenCap”) by Harvest Partners, LP and its affiliates (“Harvest”). Galway’s existing private equity investors, Oak Hill Capital (“Oak Hill”) and The Carlyle Group (“Carlyle”), will reinvest alongside the management team and employee shareholders, who will remain significant shareholders.
Galway represents one of the nation’s largest insurance distribution firms. In total, Galway manages over $7 billion of insurance premiums, employs over 3,100 associates and operates over 100 offices serving all 50 states.
“The structure Antares customized includes a portability feature and a sizable delayed draw term loan, allowing all parties to sign and close the deal quickly and provides access to additional liquidity to execute on Galway’s M&A growth strategy,” said Dan Glickman, partner with Harvest. “Antares’ ability to invest materially in the financing as well as its strength in bringing in additional investors was critical to this successful transaction.”
“Over two decades of tailoring solutions to meet client needs and executing on our commitments has solidified our longstanding sponsor relationships,” said Doug Cannaliato, senior managing director with Antares. “Galway has an experienced management team and an impressive track record of growth. With Harvest, Oak Hill and Carlyle, Galway has a powerhouse of investors and expertise ready to fuel their next phase of expansion.”
With more than $28 billion of capital under management and administration as of June 30, 2020, Antares is a private debt credit manager and leading provider of financing solutions for middle-market private equity-backed transactions. In 2019, Antares issued approximately $17 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”).
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CONTACT: Antares Capital
Carol Ann Wharton
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE
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PUB: 12/22/2020 02:14 PM/DISC: 12/22/2020 02:14 PM