Antares has provided senior secured credit facilities to back Sverica‘s recapitalization of Irvine, California-based Synoptek, a managed IT services provider. No financial terms were disclosed.
CHICAGO–(BUSINESS WIRE)–Antares announced today it is serving as administrative agent and sole lead arranger on senior secured credit facilities to support the recapitalization of Synoptek by Sverica Capital Management LP (“Sverica”) to fund Synoptek’s acquisition of Indusa.
Based in Irvine, CA, Synoptek is one of the nation’s largest managed IT services providers offering IT advisory and leadership services to organizations worldwide. With the acquisition of Indusa, Synoptek will strengthen its consulting, application and Microsoft Analytics and Business Systems services offerings and expand its service delivery capabilities.
“We were pleased with the flexibility of the Antares team and the TMT expertise that they brought to this transaction,” said Ryan Harstad, principal with Sverica. “With speed and certainty, they provided the financing we sought for this transaction.”
“We are excited to close our first transaction with Sverica, a sponsor that we have respected for some time,” said Matthew Fleming, managing director with Antares. “With their experienced management team and ongoing support from Sverica, Synoptek is well-positioned to continue on their path of growth and innovation.”
Synoptek provides IT consulting, business systems integration, analytics solutions, managed services, cloud services, managed security services, on-premise management, 24×7 end-user operation support and IT leadership to organizations worldwide. Synoptek is headquartered in Irvine, California, with business operations in San Francisco, Sacramento, Las Vegas, Boise, Denver, Boston, New York, Raleigh and New Brunswick, Canada. Synoptek has been repeatedly recognized as one of the Top 100 Cloud Services Providers by Talkin’ Cloud and one of the Top Managed Services Providers by Channel Futures, among other honors from Inc. Magazine, Deloitte and more. For more information, visit www.synoptek.com.
About Sverica Capital Management LP
Sverica is a leading lower middle market focused private equity firm that has raised over $700 million of investment capital across four funds. The firm acquires and actively builds companies that are, or could become, leaders in their industries. Since 2001, Sverica has maintained a “high touch” operating philosophy of taking an active role in portfolio companies. Sverica devotes significant internal resources to help its management teams develop and execute growth strategies. For more information, visit www.sverica.com.
With more than $20 billion of capital under management and administration, 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”).