GE Antares pours financing into Cascade Drilling

 The $66 million senior loan will assist in the buyout of the US drilling company by private equity firm Snow Phipps.  

GE Antares, a unit of GE Capital, has provided a $66 million senior secured credit facility to aid the acquisition of Cascade Drilling Environmental Services by private equity sponsor Snow Phipps Group. GE Capital Markets served as joint lead arranger and joint bookrunner on this facility, GE announced today (26 February).

Cascade Drilling is a provider of environmental, geotechnical and mining drilling services in the United States. The company was founded in 1992 and is headquartered in Woodinville, Washington. It has 30 offices across the US.

Snow Phipps, which is acquiring the company, is a returning PE client for GE Antares. “We have a great relationship with the team at GE Antares. Working with them means certainty of execution combined with capital markets and industry expertise,” said Sean Epps, partner at Snow Phipps, in a statement.

“Cascade Drilling is a market leader with advanced solutions such as sonic drilling, and a strong management team,” commented Doug Cannaliato, managing director of GE Antares. “We look forward to supporting management and Snow Phipps as they execute on their growth vision.”

GE Antares is the unit of GE Capital that focuses on lending to mid-market, private equity sponsor-backed North American companies. It has offices in Atlanta, Chicago, Los Angeles, New York, and San Francisco.

Snow Phipps is a private equity firm focused on mid-market control investments. With $1.5 billion of assets under management, Snow Phipps targets platform companies with enterprise values ranging from $100 million to $500 million.