Fifth Street Asset Management announced today that its affiliate, Fifth Street Management LLC, served as Joint Lead Arranger and Joint Book Manager for a first lien credit facility to support GTCR's acquisition of Onvoy, LLC. The financing facility included investments from Fifth Street Finance Corp. (NASDAQ:FSC), Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) and other Fifth Street investment vehicles.
Onvoy is a Minneapolis, MN-based provider of wholesale voice-enabling services across the U.S. Through its intuitive software-based Application Program Interface and nationwide carrier-grade network, the company helps clients build, provision and support more innovative and integrated communication services through easy-to-use voice, messaging and mobility solutions.
Onvoy is the 11th financing that Fifth Street has completed in support of GTCR, and the second financing in support of a GTCR acquisition so far in 2016. Based in Chicago, IL, GTCR is a leading private equity firm focused on investing in growth companies and has deployed over $12 billion in over 200 businesses since its inception.
"Onvoy's nationwide scale and Communications Enablement capabilities have allowed the business to become a leading wholesale provider of services to next-generation voice over IP (VoIP) and communications providers. The U.S. voice services industry is at a transformational stage and Onvoy is well-positioned to capture share as the market continues to shift to VoIP," noted Sunny K. Khorana, Managing Director, Head of Sponsor Coverage at Fifth Street, adding, "We are excited to partner with GTCR and Onvoy's exceptional management team, led by industry veteran CEO Fritz Hendricks, on the company's impressive growth path."
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $12 billion in over 200 companies.
Onvoy, the nation's third largest CLEC by rate center coverage, provides an extensive array of voice and messaging communications services to meet the needs of today's leading telecom carriers and services providers.
Fifth Street Asset Management Inc. is a nationally recognized credit-focused asset manager. The firm has over $5 billion of assets under management across two publicly-traded business development companies, Fifth Street Finance Corp. and Fifth Street Senior Floating Rate Corp., as well as multiple private investment vehicles. The Fifth Street platform provides innovative and customized financing solutions to small and mid-sized businesses across the capital structure through complementary investment vehicles and co-investment capabilities.