GE Antares Capital Finances Wellspring's Acquisition of Qualitor
OREANDA-NEWS. GE Antares, a unit of GE Capital, announced today it is serving as administrative agent on a USD 93 million senior secured credit facility to support the recent acquisition of Qualitor, Inc. by Wellspring Capital Management. In addition, GE Antares provided a minority equity investment. GE Capital Markets served as lead arranger and bookrunner on the credit facility.
Headquartered in Southfield, Michigan, and previously owned by HCI Equity Partners, Qualitor is a diversified supplier of aftermarket parts for the automotive and heavy duty truck industries. The company's products include brake components, wiper blades, engine control devices and heavy-duty truck parts.
"We're very happy to be financing another acquisition by Wellspring," said Chet Zara, senior managing director of GE Antares. "We have known Qualitor for several years under prior ownership, and we look forward to supporting the growth plan being pursued by Wellspring and management."
"GE Antares' familiarity with Qualitor and the automotive aftermarket, certainty of execution and middle market expertise made them an ideal lender for this transaction," said John Morningstar, a managing partner at Wellspring. "We look forward to continuing our longstanding relationship with the team at GE Antares."