Antares Capital announced it is serving as lead arranger and administrative agent on a $183.5 million unitranche credit facility in support of the acquisition of Direct Travel by ABRY Partners.
Direct Travel, headquartered in Denver, CO, is a provider of outsourced corporate travel management services, primarily serving small-to-medium-sized businesses in the U.S.
“Direct Travel’s market position, financial performance, and strong management team makes the company a welcome addition to our portfolio,” said Sean Sullivan, managing director of Antares Capital. “We’re excited to support ABRY on this acquisition and look forward to expanding the relationship on future transactions.”
Direct Travel is a leading provider of corporate travel management in the U.S., providing booking and management of employee air travel, transportation, and accommodations as well as expense management, budgeting, reconciliations and reporting. DT provides their customers with the scale benefits of a mega agency (cost savings, technology platforms, tracking and reporting capabilities), while also providing a high level of customized, personalized services. Direct Travel has a nationwide presence, with 960 travel professionals operating in 39 offices in 16 states.
Founded in 1989 and headquartered in Boston, Massachusetts, ABRY Partners is an experienced and successful private equity investment firm focused on media, communications, insurance, business and information services. Since its founding, ABRY has completed more than $42 billion of transactions, representing investments in more than 450 properties.
Antares Capital is the leading provider of financing solutions for middle-market, private equity-backed transactions with offices in Atlanta, Chicago, Los Angeles, New York, Norwalk (Connecticut) and Toronto. Antares has provided more than $120 billion in financing over the past five years, and was named 2014 lender of the Year by Mergers & Acquisitions. Antares also was recognized by Private Debt Investor and Private Equity International as 2013 Lender of the Year, North America and Mid-Cap Lender of the Year, North America, respectively.