Antares Capital has provided a $73.5 million senior secured credit facility to support The Gores Group‘s recapitalization of TurbineAero. Based in Chandler, Arizona, TurbineAero is a aerospace component maintenance, repair and overhaul service provider focused on auxiliary power units and related products.
CHICAGO–(BUSINESS WIRE)– Antares Capital (“Antares”) announced today it is serving as administrative agent and sole lead arranger on a $73.5 million senior secured credit facility to support the recapitalization and growth initiatives of TurbineAero, Inc. (“TurbineAero”) by The Gores Group.
Headquartered in Chandler, AZ, TurbineAero is one of the world’s leading independent aerospace component maintenance, repair and overhaul (MRO) service provider focused on auxiliary power units (APUs) and related products. The use of proceeds includes accelerating TurbineAero’s MRO capacity and overall global footprint, as well as acquiring additional APU repair and manufacturing capabilities which will further their global APU leadership position.
“In leading this transaction, Antares was flexible and delivered the capital we sought to further invest in and drive growth for TurbineAero,” said Ed Johnson, senior managing director with The Gores Group. “We’ve been working closely with TurbineAero on strategies for both organic and inorganic growth, and we look forward to executing on those plans.”
“TurbineAero has a solid management team, a leading market position and a strong growth potential,” said Matthew Fleming, managing director with Antares. “We were pleased to work closely with The Gores Group and TurbineAero to provide an optimal financing solution.”
“We are honored to take this exciting next step with The Gores Group, as well as work closely with Antares, as we roll out the next chapter of APU leadership,” said Rob Higby, CEO at TurbineAero. “We will be releasing a series of growth initiatives throughout the year that include various acquisitions, expansion of our global footprint and launching new capabilities.”
About The Gores Group
The Gores Group (“Gores”), founded in 1987 by Alec Gores and headquartered in Los Angeles, CA, is a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm’s operating experience and flexible capital base. Over its 30 year history, The Gores Group has become a leading investor, having demonstrated a reliable track record of creating value in its portfolio companies alongside management. For more information, please visit www.gores.com.
TurbineAero is the most comprehensive, flexible and customer focused APU MRO Services company in the world. As the largest independent APU MRO globally, TurbineAero repairs, sells, leases, tests, and certifies APU and related parts accessories. TurbineAero currently has four locations, three business units are located near Phoenix, Arizona and the fourth is just outside Bangkok, Thailand. Visit TurbineAero at www.turbineaero.com.
With more than $20 billion of capital under management and administration, Antares Capital 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 was the lead left arranger for approximately $17 billion of 1st lien and 2nd lien credit facilities during 2017, and the Company’s 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.