Antares, Lone Star JV backs software acquisition

The Middle Market Growth Programme’s $262m loan will let Clearlake buy a software company from PE firm Thoma Bravo.

The Middle Market Growth Programme (MMGP) has closed a loan that will back Clearlake Capital’s acquisition of Irvine, California-based Vision Solutions, a deal which was announced in May.

MMGP, a lending partnership between Antares Capital and Lone Star Funds affiliate LStar Capital, announced the closing of the $262.5 million senior secured unitranche credit facility on Tuesday (21 June). Clearlake bought Vision, which makes data protection software, from Thoma Bravo. Clearlake, which finalised the transaction Monday, did not disclose the total purchase price.

Thoma Bravo, which has offices in Chicago and San Francisco, bought Vision in September 2006 for an undisclosed amount in an all-cash transaction from Idion Technology Holdings. A press report at the time said the deal valued Vision at between $62.5 million and $63.5 million.

Representatives for Antares and LStar were not available for further comment by press time.

Antares arranges loans for middle-market, private equity-backed companies. Another transaction completed this year by the Chicago-based firm was a $269.3 million senior credit facility for ABRY Partners-backed Kore Wireless Group, a communications service provider.

Dallas-based LStar invests in commercial real estate lending along with corporate debt, which focuses on second lien, secured last-out, mezzanine and equity co-investments. The lending group is part of Lone Star Funds, which specialises in distressed investing, real estate and private equity. The firm has $65 billion in assets under management.

Clearlake, a private equity and special situations investment house, has invested $3 billion in over 70 deals since its inception in 2006. The Santa Monica, California-based firm’s backs companies across many sectors. The businesses it owns include outdoor hot-tub maker Jacuzzi and oilfield service provider Globe Energy Services.