GE Antares Capital is significantly cutting back on its funding of new deals in the next few months.
The Chicago-based firm, a unit of General Electric’s lending arm, will be more “prudent” in choosing deals to fund, according to Ned Reynolds, a spokesman for GE Antares. Reynolds said GE Antares is as active as anyone else right now.
“We’re still open for business but obviously with the environment right now, we’re being more selective,” Reynolds said. “The deals need to make sense in the economic environment that’s ahead of us.”
GE Antares participated in two deals this month, including leading and arranging $46 million financing for FCX, which serves the industrial valve and automation markets, and $141 million for Turner Brothers, which provides lifting and transport services for the energy sector. Sterling Investment Partners bought FCX and Huntsman Gay Capital Partners acquired Turner Brothers.
GE Antares provides financing for mid-market private equity firms performing leveraged buyouts, recapitalisations and restructurings. The firm offers senior, second lien and mezzanine debt and structured equity.
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