Antares cuts TMT roles in move to CPPIB – exclusive

Antares Capital has shed some positions in its technology, media and telecommunications group to combine TMT coverage with healthcare, while moving under the Canadian pension plan's ownership from General Electric.  

Antares Capital, a lending group focused exclusively on sponsor-backed North American deals, has axed positions within its technology, media and telecommunications (TMT) group in tandem with its ownership transition. Canada Pension Plan Investment Board (CPPIB) recently acquired Antares from GE Capital, which has shed the bulk of its lending business.

Antares spokeswoman Carol Ann Wharton said the firm is still committed to the TMT space and looking at deals in the area, but that the job cuts were designed to re-align the group's structure to give a single point of contact for sponsor clients.

The TMT group members who have now left Antares include senior managing director and TMT team leader Ray Shu and managing directors Tim Huban and Robert Malone, who were based in Atlanta.

Senior directors Peter Foley and Mark Bernier, who were based in New York, as well as Raj Seth, who joined the TMT group as a managing director and senior technology analyst in Boston last year have also left.

Antares declined to confirm who has left and the individuals couldn’t be reached for comment by phone or email.

“As part of the transition, we made some staffing changes designed to support Antares's long-term growth and to streamline our coverage model. These changes were across our organization and were not made lightly,” Wharton said.

She added that Antares has changed its coverage model to group TMT and healthcare together. Antares’ senior credit leaders, Tyler Lindblad and Kim Massa, who approved loans in the TMT portfolio over the last five years, remain with the firm. Lindblad is a senior managing director in Chicago who has served as chief risk officer of the healthcare and TMT divisions in the past.

Massa is based in New York and served as the firm’s commercial credit risk ratings leader since last summer. Before that, she was chief credit officer for the TMT Group.

STREAMLINING

David Brackett, co-head of Antares, said the firm is still committed to the TMT space but that the cuts were made to streamline Antares’ coverage model. Some of the cuts fell on the non-sponsored part of the business and other “inherited” GE teams including franchise finance were restructured. 

Brackett told PDI he has hired back TMT specialist Sean Sullivan, who moved to Solar Capital for six months between April and September this year, before rejoining Antares, where he worked since 2004. Managing director Matt Fleming, in Antares’ Los Angeles office, also remains with the firm and is the point person for TMT sponsors on the West Coast.

This article was updated on 6 November to reflect that Antares has not closed its Atlanta office, just the TMT team based there and to add extra information on the decision-making process from Antares co-head David Brackett.