Antares Bain Capital Complete Financing Solution, a joint venture between Antares and Bain Capital Credit, has provided a credit facility to support Clearlake’s acquisition of symplr. No financial terms were disclosed. Based in Houston, symplr provides a software-as-service platform for the healthcare industry.
CHICAGO & BOSTON–(BUSINESS WIRE)–The Antares Bain Capital Complete Financing Solution (ABCS), a joint venture between Antares and Bain Capital Credit, today announced the closing of a senior secured unitranche credit facility to support the acquisition of symplr (or the “Company”) by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”).
Founded in 2006, symplr is a leading healthcare governance, risk and compliance software-as-a-service platform. The Company offers provider management, credential management and payer enrollment services to over 1,500 customers representing more than 4,000 healthcare facilities in North America. symplr’s broad platform provides an end-to-end software solution for healthcare organizations to manage the compliance and credentialing requirements of their provider, staff and contractor communities.
“The Antares and Bain Capital unitranche facility provided us with an efficient financing solution for this transaction,” said Behdad Eghbali, co-founder and managing partner, and Prashant Mehrotra, partner, of Clearlake. “The team’s in-depth understanding of the healthcare software landscape helped expedite and simplify the financing process, and we are excited to partner with Antares and Bain Capital to support symplr’s next phase of growth.”
“We appreciate our ongoing relationship with the team at Clearlake, and once again enjoyed working with them to help facilitate this investment,” said Matthew Fleming, managing director of Antares Capital. “symplr is an innovative market leader, and we look forward to supporting them as they continue to execute their growth plans.”
“symplr provides mission-critical solutions to healthcare professionals through the company’s leading technology platform, and we believe this is a compelling partnership opportunity,” said Michael Ewald, a managing director at Bain Capital Credit. “We are pleased that sponsors continue to value our expanded capabilities and ability to deliver flexible financing solutions that enable them to close deals in today’s competitive marketplace.”
ABCS provides private equity sponsors and borrowers with access to first lien unitranche loans of up to $350 million in a single transaction. Without the requirement of agency meetings or a syndication process, the Antares and Bain Capital unitranche offering delivers capital with speed and certainty.
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are software and technology-enabled services; industrials and energy; and consumer. Clearlake has managed over $8 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.
With more than $23 billion of capital under management and administration as of September 2018, Antares is a private debt credit manager and leading provider of financing solutions for middle-market private equity-backed transactions. In 2017, Antares issued over $21 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 over 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, most recently being named the 2017 Lender of the Year by ACG New York. The company maintains offices in Atlanta, Chicago, Los Angeles, New York, Norwalk, CT and Toronto. Visit Antares at www.antares.com or follow the company on Twitter at www.twitter.com/antarescapital. Antares Capital is a subsidiary of Antares Holdings LP., collectively (“Antares”).
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $40 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $100 million located in North America, Europe and Asia Pacific. Our dedicated global team affords us the ability to diligence the most complex situations and provide private capital to those companies.