GE Antares served as administrative agent on a $107 million multi-currency, cross-border credit facility to McLarens Global, a portfolio company of Altamont Capital Partners which first invested in the company in September 2011.
The GE-McLarens transaction refinanced the company’s senior debt, repaid its subordinated debt and provided flexibility for future acquisitions. GE Capital Markets served as lead arranger and joint book runner on this facility.
“This financing strengthens our financial position in order to grow, both here in the US and abroad,” said Toby Skelton, chief financial officer of McLarens, “We continue to benefit from our relationships with the GE team.”
McLarens performs claims management, loss adjusting, pre-risk and damage surveying, and auditing services for companies throughout the world. The company is headquartered in Atlanta (www.mclarens.com).
“I’m pleased GE Capital was able to deliver its cross-border capabilities and expertise on a complex transaction for McLarens and its private equity owner, Altamont Capital Partners,” said James Kenefick, senior managing director of GE Antares, “We look forward to working with McLarens as the company continues to grow.”
GE Antares is a unit of GE Capital with offices in Atlanta, Chicago, Los Angeles, New York, and San Francisco. Specializing in the middle market, GE Antares is a “one-stop” source for GE’s lending and other services to middle market private equity sponsors (www.geantares.com).
“We’re pleased to have the opportunity to work with our colleagues in the U.S. on closing this transaction for McLarens,” said Howard Sharp, head of UK originations and sponsor coverage of GE Capital, “By partnering together, we are able to meet the global needs of our sponsors and their portfolio companies.”
Altamont Capital Partners invests in middle market businesses with specific interest in the government services, financial services, consumer/retail, industrials, and healthcare sectors. Altamont has approximately $1.3 billion of capital under management. The firm was formed in 2010 by Jesse Rogers, Randall Eason and Keoni Schwartz who previously worked together at Golden Gate Capital and Bain & Company. Altamont Capital Partners is based in San Francisco (www.altamontcapital.com).
2014 PEPD • Private Equity’s Leading News Magazine • 6-9-14