Antares Capital (Antares) acted as joint lead arranger and administrative agent on a $58 million senior secured credit facility that will be used to finance the acquisition of Travelpro Group Holdings by MidOcean Partners, according to a statement released Tuesday (24 May).
Lazard Middle Market acted as financial advisor to MidOcean while Kirkland & Ellis and Osler, Hoskin & Harcourt served as legal advisors on the transaction.
An Antares representative declined to provide additional details on the transaction and a MidOcean representative did not return calls seeking further detail by press time.
“We're very pleased to work with MidOcean Partners on their latest investment in Travelpro,” said Antares managing director Graham Manley in a statement. “Travelpro's brand and products are very well regarded in the market and Holiday is the leading bag supplier to the Canadian market, so we are excited to see how the company continues to grow and evolve,” he said.
Based in Boca Raton, Florida, Travelpro designs and markets luggage under the brand names of Atlantic and Travelpro in the United States. Travelpro's sister company, Holiday Group, is based in Montreal and provides licensed luggage, bags and travel accessories in Canada.
In a separate statement announcing the transaction, MidOcean said that management affiliate Blake Lipham would assume the role of chief executive officer of the company. Previously, Lipham served as president and chief executive officer of Bushnell Outdoor Products, a portfolio company MidOcean successfully exited in 2013.
“We see tremendous opportunity for growth and investment in the businesses of Travelpro Group and are excited to get to work on those initiatives,” Lipham said in the statement. “The Travelpro and Atlantic brands have esteemed reputations for quality, durability and dependability and we plan to continue to deliver on those tenents of success while driving growth both organically and through acquisition at the Travelpro group,” he added.
MidOcean is a mid-market focused private equity firm in New York concentrating on the business and media services, industrial services and consumer sectors. The firm also has an alternative credit arm, MidOcean Credit Partners, which specialises in collateralised loan obligations, separately managed accounts and other strategies.
Antares Capital is a US lender with $11 billion in assets that focuses on the provision of financing for mid-market private equity transactions. A former unit of GE Capital acquired last year by Canada Pension Plan Investment Board, the firm maintains offices in Atlanta, Chicago, New York, Los Angeles, Toronto and Norwalk, Connecticut.