The Middle Market Growth Program (MMGP), jointly managed by Antares and LStar Capital, has closed a senior secured unitranche credit facility to support the acquisition of Preferred Compounding by Audax Private Equity.
Headquartered in Barberton, OH, Preferred Compounding is a leading custom rubber compounder in North America and employs more than 400 people at its four mixing operations in Georgia, Tennessee, Mexico and Ohio.
“We appreciate the flexibility and speed that Antares and LStar provide through MMGP,” says Mark D Cordes, managing director of Audax Group.
“Our sponsors and borrowers benefit from the ease and certainty of having a one-stop source of financing,” says John Goodwin, managing director of Antares Capital. “We look forward to supporting Audax and the team at Preferred Compounding as they expand the company’s capabilities and services.”
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 deals can close in as little as three weeks.
