The Middle Market Growth Program (MMGP), jointly managed by Antares and LStar Capital, announced today it has closed a senior secured unitranche credit facility to support the acquisition of Winchester Electronics by Snow Phipps Group.
Headquartered in South Norwalk, Conn., Winchester is a leading provider of custom engineered interconnect solutions for high reliability applications in the military / aerospace, medical, semiconductor, data infrastructure, test & measurement, oil and gas, and other diversified end markets.
“We work with Antares frequently because of the thoughtfulness and predictability of their financing structuring and documentation,” said John Pless, partner with Snow Phipps Group. “Our familiarity with Antares and their collaboration with LStar enabled the speed we were seeking for this financing.”
“We are pleased to continue our successful relationship with Snow Phipps and to utilize our unitranche offering to support their most recent investment,” said Doug Cannaliato, senior managing director of Antares Capital. “Winchester’s ability to produce highly engineered products to support mission critical functions for key industries, such as healthcare, aerospace and the military, have made them a leader in their industry. We look forward to working with Winchester management and Snow Phipps as they pursue growth opportunities for the business.”
MMGP provides private equity sponsors and borrowers with access to first lien unitranche loans. MMGP does not require rating agency meetings or a syndication process so transactions can close in as few as three weeks. MMGP has the ability to provide up to $250 million in financing for a single transaction.